Renowned US investor Warren Buffett has announced his plan to step down as chief executive officer of investment firm Berkshire Hathaway at the end of this year.



The 94-year-old CEO expressed his intention at the company's shareholders meeting on Saturday in Omaha in the Midwestern state of Nebraska.



Buffett said he will ask the board of directors to replace him with Vice Chair Greg Abel.



Buffett, known as "the god of investment" and nicknamed the Oracle of Omaha, has taken an approach of long-term investment in companies with prospect for growth. His selection has covered a range of issues, including Apple and Bank of America.



Buffett has increased the number of shares his company has in five major Japanese trading firms since 2019. He said at the Saturday meeting that the stakes should be maintained for the long term.



The world has paid attention to how long Buffett will continue to lead the company, considering his advanced age.



The New York Times reported, "If the board approves the plan, it would mark the end of an era for one of the most successful companies in modern capitalist history, and one of its most famous investors."



At the meeting, Buffett also criticized the tariff measures by the US administration of President Donald Trump, saying, "Trade should not be a weapon." He added, "We should be looking to trade with the rest of the world."