In a surprise announcement on May 3, Warren Buffett said he will step down at year's end as CEO of Berkshire Hathaway, ending a 60-year era where the billionaire investor has become an influential and iconic part of the U.

In an announcement that many investors knew was coming but didn’t believe would actually happen, famed investor Warren Buffett said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year.

Tens of thousands of shareholders descend on Omaha for Berkshire Hathaway's annual meeting. Chairman and CEO Warren Buffett faces 4 1/2 hours of questions from investors attending the event that's been dubbed "Woodstock for Capitalists."