Warren Buffett shocked an arena full of his shareholders when he announced his intention Saturday to step down as the CEO of Berkshire Hathaway at the end of the year. The 94-year-old legendary investor also said he will recommend to his board that Greg Abel should become CEO.

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,

Berkshire Hathaway’s board of directors has voted unanimously to appoint Greg Abel as chief executive, with Warren Buffett remaining chair of the group he built from almost scratch into a $1.2tn conglomerate.