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‘Oracle of Omaha’ announces plans to retire from his sprawling conglomerate at historic annual meeting

“You’re going to have your life progress in the general direction of the people that you work with, that you admire, that become your friends.” 

“I think they’ll be unanimously in favor of it, and that would mean that at year-end Greg would be the chief executive officer of Berkshire and I would still hang around.”

Berkshire Hathaway CEO Warren Buffett announced Saturday that he plans to step down by the end of the year.

The companies were once close rivals — with a similar size, reach and global clout — but their paths have diverged in recent years.