Berkshire Hathaway stock reacted early Monday after Warren Buffett surprised shareholders with the announcement he would step down.

Warren Buffett isn’t giving up all his formal roles at Berkshire Hathaway. The legendary investor will remain chairman of the sprawling conglomerate, the company said in a news release Monday. Buffett shocked the investing world Saturday when he said at Berkshire’s annual meeting that he planned to retire as chief executive at the end of the year and cede the role to Greg Abel.

Billionaire Warren Buffett will remain chairman of Berkshire Hathaway after Greg Abel takes over as CEO at the start of the new year.