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

Legendary investor Warren Buffett's leadership of Berkshire Hathaway (BRK.A, BRK.B), the struggling textile company he made into a trillion dollar conglomerate, will be a tough act to follow. But the “Oracle of Omaha” said his successor Greg Abel is ready for the challenge.

Commentators rightly extol Warren Buffett’s unique leadership, investment acumen and cultural stewardship — qualities that will be missed after Buffett retires as CEO of Berkshire Hathaway at the end of the year,

Operating in an era replete with purported Wall Street soothsayers, the 94-year-old Buffett always rejected the idea that anyone — even him — could predict the future.

Buffett will no longer be the CEO of Berkshire Hathaway. However, he plans to "hang around" and help out when needed.