Veteran investor Warren Buffett will step down as chief executive of Berkshire Hathaway at the end of the year, after more than 60 years at the helm of the US conglomerate.

However the 94-year-old will remain chairman of the board, maintaining an active role in the company.

He announced the news at the company’s latest annual meeting but added that he will not be selling any of his shares in the investment company that he built up.

Berkshire Hathaway owns more than 60 companies, including insurer Geico, battery-maker Duracell and restaurant chain Dairy Queen, as well as having major stakes in Apple, Coca Cola, Bank of America and American Express.

Mr Buffett was last month ranked by Bloomberg as the world's fourth-wealthiest person, with a net worth of $154bn (£116bn).

He named Greg Abel, 62, vice-chair and head of Berkshire Hathaway Energy, as his successor. The board approved Abel’s appointment, with the switchover set for 1 January 2026.

The billionaire told Saturday's shareholder meeting in Omaha, Nebraska: “I think the time has arrived where Greg should become the chief executive officer.”

Talking about his shareholding he said: “I have no intention – zero – of selling one share of Berkshire Hathaway. I will give it away eventually.

“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.”

Mr Buffett, bought his first shares at the age of 11 and built Berkshire Hathaway from a failing textile maker he bought in 1965 into an investment giant worth $1.16tn (£870bn).

He has given away much of his fortune to charities.

Jamie Dimon, JP Morgan CEO, said: “Warren Buffett represents everything that is good about American capitalism and America itself – investing in the growth of our nation and its businesses with integrity, optimism and common sense.”