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.

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.

Abel was named vice chairman of Berkshire Hathaway in 2018. Although he has been at the company for more than two decades, he is considered to be much more guarded and hands-on than Buffett.