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.

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.

Mr. Buffett won renown and made billions as one of the most successful stock pickers of all time. Mr. Abel’s strengths lie more in running businesses.