He is ready to step down as Berkshire Hathaway’s chief executive at year-end. The 94-year-old investor closed the annual meeting of the company he built into one of the nation’s largest with the surprise announcement that he will recommend Vice Chairman Greg Abel,

Buffett said he will step down as CEO of Berkshire Hathaway, ending a 60-year run where he became an influential and iconic part of the U.S. economy.

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.