Warren Buffett said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year, handing the reins to his chosen successor, Greg Abel.

Woodstock for Capitalists” was held on Saturday. Most notably, Buffett announced his intention to step down from his CEO role at year-end.

Warren Buffett took the stage for the 60th time at Berkshire Hathaway's annual meeting on Saturday, with investors and analysts keen to hear the legendary investor's views as U.S. President Donald Trump's tariff policies cause uncertainty for business and the economy.

Warren Buffett has done what he can to prepare his successor at Berkshire Hathaway. He has tasked CEO-in-waiting Greg Abel with running most of the companies the sprawling conglomerate owns. He named Abel a vice chairman,

The decision to step down caps a remarkable 60-year run where Buffett transformed Berkshire from a failing textile company into a $1.16 trillion conglomerate with businesses across the U.S. economy.

He described his Edmonton neighborhood in Alberta, Canada, as working-class and family-oriented. He lives in Iowa with his family.