Legendary investor and long-time leader of Berkshire Hathaway, Warren Buffet announced on Saturday that he will step down as CEO of the $1.1 trillion conglomerate by the end of 2025. The announcement came during the company’s annual shareholder meeting.

Buffett, 94, said he has selected Greg Abel, Berkshire Hathaway’s vice chairman for non-insurance operations, to succeed him as chief executive.

“The time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett told shareholders. He added that while he would remain available in an advisory capacity, final decisions on operations and capital deployment would rest with Abel.

The announcement, delivered without prior notice to the board of directors, came as a surprise to many in attendance.

Buffett has led Berkshire Hathaway since 1965, transforming it from a modest textile firm into one of the most influential holding companies in the world, with investments across insurance, utilities, railroads, and consumer goods. Renowned for his long-term investing philosophy and business acumen, Buffett is widely considered one of the greatest investors of all time.

Reacting to his appointment, Abel said: “I couldn’t be more humbled and honored to be part of Berkshire as we go forward.”

Buffett’s departure marks the end of a historic era in American business, as investors and analysts now turn their attention to the future under Abel’s leadership.