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.

Billionaire investor Warren Buffett, 94, announced Saturday he will leave his role as Berkshire Hathaway’s CEO by the end of the year, telling investors about his decision at the firm’s annual shareholder meeting, where he addressed President Donald Trump’s tariffs, discussed Berkshire Hathaway’s business strategies and the larger economy.

Warren Buffett shared big news at the Berkshire Hathaway shareholders meeting yesterday: His plan to step aside as CEO later this year in favor of his longtime heir apparent, Greg Abel. If the announcement was huge, the timing was even more masterful.