Berkshire will miss Buffett’s “clout,” said one analyst, as the company lost about $45 billion in market value following the Oracle of Omaha’s retirement announcement.

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

Warren Buffett said on Saturday he will step down as the CEO of Berkshire Hathaway by year's end.The board has voted to make Greg Abel, now a vice chair at the company, its CEO and president.Abel is expected to maintain Buffett's existing investment approach.