Buffett, one of the world’s richest people and most accomplished investors, took control of Berkshire Hathaway in 1965 when it was a textiles manufacturer. He turned the company into a conglomerate by finding other businesses and stocks to buy that were selling for less than they were worth.

Billionaire Warren Buffett will remain chairman of Berkshire Hathaway after Greg Abel takes over as CEO at the start of the new year.

Although Abel's expected ascension had been known for four years, the announcement at Berkshire's annual meeting in Omaha, Nebraska, was a surprise.