The esteemed investor stunned an audience packed with shareholders on Saturday when he expressed his wish to step down by the end of the year.

Buffett stated he would suggest to Berkshire Hathaway’s board that Greg Abel should assume the role of CEO by year-end.

“I believe the moment has come for Greg to take on the position of Chief Executive Officer of the company at the end of the year,” Buffett remarked.

For years, Abel has been Buffett’s chosen successor and currently oversees Berkshire’s non-insurance operations. However, it was traditionally believed he would not take charge until after Buffett’s passing. Previously, the 94-year-old Buffett had consistently claimed he had no intention of retiring.

Warren Buffett revealed some information

Buffett revealed this information at the conclusion of a five-hour session of questions and answers and did not entertain any inquiries regarding the announcement. He mentioned that the only board members aware of this announcement were his two children, Howard and Susie Buffett. Abel, sitting beside Buffett on the stage, was caught off guard.

Many investors believe that Abel will effectively lead Berkshire, but it remains uncertain how adept he will be at managing the company’s investments. On Saturday, Buffett publicly supported him by confirming that he would continue to have his wealth invested in the firm.