Warren Buffett is ending his career as perhaps the world’s most famous and revered investor, saying he will step down as chief executive of Berkshire Hathaway BRKa.N at the end of 2025, and hand over the reins to Vice Chairman Greg Abel.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett, 94, said on Saturday at Berkshire’s annual meeting in Omaha.

Abel, 62, has been a Berkshire vice chairman since 2018, and was named Buffett’s expected successor as chief executive in 2021.

“I couldn’t be more humbled and honoured to be part of Berkshire as we go forth,” Abel told shareholders.

Buffett also said he had “zero” intention of selling any of his Berkshire stock, nearly all of which will be donated after his death.

The decision to step down caps a remarkable 60-year run where Buffett transformed Berkshire from a failing textile company into a $1.16 trillion conglomerate with businesses across the U.S. economy.