Buffett's message shocked the arena in Omaha, Nebraska, where thousands usually gather for the annual meeting.
I think the time has come when Greg should become the new CEO of the company, says Buffett.
The world-renowned investor has previously always maintained that he has no plans to retire.
Warren Buffett was born in Omaha in 1930 and is counted as one of the richest people in the world. He is known for his relative frugality and has promised to give away almost his entire fortune to charitable purposes.
Greg Abel, 62, from Canada is one of the top names in Berkshire Hathaway and has been pointed out by Buffett as his successor for several years.
