In a surprise announcement on May 3, Warren Buffett said he will step down at year's end as CEO of Berkshire Hathaway, ending a 60-year era where the billionaire investor has become an influential and iconic part of the U.

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.

Abel was named vice chairman of Berkshire Hathaway in 2018. Although he has been at the company for more than two decades, he is considered to be much more guarded and hands-on than Buffett.