Warren Buffett, CEO and chairman of Berkshire Hathaway, announced on Saturday that he's planning to retire at the end of the year.

Buffett, 94, recommended Greg Abel as CEO after his departure.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said.

Buffett didn’t field questions from shareholders about the planned retirement. He made the announcement after the Q&A portion of a shareholder meeting.