Business magnate Warren Buffett announced Saturday he would be stepping down as CEO of Berkshire Hathaway after six decades of leading the trillion-dollar holding company. 

Buffett, 94, revealed the news during an annual shareholder meeting where he formally named Vice Chairman Greg Abel as his successor. Often viewed as the world’s top investor, Buffett said he planned to ask his board at the year’s end to make Abel Berkshire’s CEO.