After 55 years, Warren Buffett is stepping down as CEO of Berkshire Hathaway, announcing his departure on Saturday.

The 94-year old multibillionaire dropped the bombshell during the conclusion of his remarks at his annual shareholder meeting in Omaha, noting that he will resign at the end of the year, upon which Greg Abel will succeed him after being groomed for the role since 2021.

He told the audience, “Tomorrow, we’re having a board meeting of Berkshire, and we have 11 directors. Two of the directors, who are my children, Howie and Susie, know of what I’m going to talk about there. The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end.”

Buffett plans to keep his $160 billion in shares and “hang around” and “be helpful” with the conglomerate, which he...