Warren Buffett will step down as Berkshire Hathaway CEO at the end of 2025, paving the way for longtime successor, vice chairman Greg Abel, to take the reins.

When Warren Buffett announced at his annual shareholder meeting that he is stepping down as CEO of Berkshire Hathaway at the end of the year, he elevated a 62-year-old Canadian executive named Greg Abel who has long been one of his top lieutenants.

Warren Buffett first shared that Greg Abel would take over as CEO in 2021, but no one was quite prepared to hear him officially pass the baton last weekend at the Berkshire Hathaway ( BRK.A 0.29%) ( BRK.B 0.61%) annual meeting.