Warren Buffett has announced his retirement as CEO of Berkshire Hathaway, passing the reins to Greg Abel while remaining as Chairman. This strategic move comes as Berkshire reaches a market cap of over $1.1 trillion, with Buffett stepping back at the peak of his success, ensuring a smooth transition amid changing market dynamics. Abel, who has extensive experience in managing non-insurance operations, will now navigate the company’s future, particularly with its significant cash reserves and evolving market conditions.