The Berkshire Hathaway board unanimously voted on Sunday to appoint Greg Abel as president and CEO starting January 1, 2026, with Warren Buffett, 94, remaining as chairman.

Buffett surprised both shareholders and Abel by revealing during the final minutes of the company’s annual shareholder meeting on Saturday that he would ask the board to replace him as CEO at the end of the year, naming Abel, the current vice chairman of noninsurance operations, as his successor.

Buffett, who serves as both chairman and CEO, did not specify whether he would also step down as chairman at the time, though he mentioned he would remain available to assist where needed.

He did, however, emphasize that Greg Abel, 62, would have the final authority on company operations and capital deployment once the transition takes place.

Buffett’s continued role as chairman may reassure shareholders, knowing the “Oracle of Omaha” will assist Abel with any significant acquisition opportunities, particularly in uncertain markets. This is especially relevant as the conglomerate, which Buffett has led since 1965, sits on more than $347 billion in cash.

“I could be helpful, I believe, in that in certain respects, if we ran into periods of great opportunity or anything,” Buffett said on Saturday.

Abel has been the designated CEO successor to Buffett since 2021.

Berkshire shares were down about 2% in premarket trading, despite Buffett’s announcement that he would eventually step down as CEO and the company reporting somewhat disappointing earnings over the weekend.