Warren Buffett said he will step down as CEO of Berkshire Hathaway at the end of the year, and hand over the reins to Vice Chairman Greg Abel.

In an announcement that many investors knew was coming but didn’t believe would actually happen, famed investor Warren Buffett said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year.

OMAHA, Neb. — Warren Buffett shocked an arena full of his shareholders Saturday by announcing he wants to retire at the end of the year. Buffett said he will recommend to Berkshire Hathaway’s board that Greg Abel should become CEO at the end of the year.