Warren Buffett to step down as CEO of Berkshire Hathaway by end of the year

Warren Buffett said on Saturday that he plans to step down by the end of this year as CEO of Berkshire Hathaway. 

The billionaire investor named Greg Abel, who is chairman, as his replacement. 

Buffett, 94, said he would "hang around" the company, according to CNBC. 

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"I would add this, the decision to keep every share is an economic decision because i think the prospects of Berkshire will be better under Greg’s management than mine," he added. 

This is a developing story. Please check back for updates. Reuters contributed to this report.