Billionaire investor Warren Buffett told shareholders Saturday he intends to retire from his role as CEO of Berkshire Hathaway, an American multinational holding company.

Buffett, 94, recommended that Canadian businessman and vice chairman Greg Abel succeed him after a 55-year run at the helm of the conglomerate.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said to a packed arena in Omaha, Neb., where the corporation is headquartered. 

He said he would encourage board members to solidify his replacement on Sunday after previously suggesting Abel would be named his successor in 2021.

“I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” Buffett said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”

Only his children, Howard and Susan Buffett, were aware of their father’s decision before Saturday, he said.

His exit was announced at the conclusion of a five-hour long question and answer session where Buffett lauded the success of the company and displayed some opposition to President Trump’s tariffs, which he said could be considered an “act of war.”

“Trade should not be a weapon,” Buffett said. 

“The United States won. I mean, we have become an incredibly important country, starting from nothing 250 years ago,” he later added.

The projected profits of companies have faltered amid the onset of the president’s aggressive trade policies, provoking turbulence in the markets.

“Changes in macroeconomic conditions and geopolitical events, including changes in international trade policies and tariffs, may negatively affect our operating results and the values of our investments in equity securities and of our operating businesses,” Berkshire wrote in its quarterly earnings report.

Abel will soon navigate the muddy waters of trade as Buffett heads out the door.

“I would still hang around and could conceivably be useful in a few cases,” Buffett said Saturday. “But the final word would be what Greg said, in operations, in capital deployment, whatever it might be.”

Apple CEO Tim Cook echoed his support for Abel in a separate post on X, lauding Buffett’s five decades of leadership at the company. 

“There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It’s been one of the great privileges of my life to know him,” Cook wrote. 

“And there’s no question that Warren is leaving Berkshire in great hands with Greg,” he added.

Berkshire Hathaway has major stakes in five companies: American Express, Bank of America, Coca-Cola, Chevron and Apple.