Warren Buffett plans to step down as CEO of Berkshire Hathaway

(CBS, KYMA/KECY) - Investor Warren Buffett told thousands of Berkshire Hathaway shareholders Saturday he plans to step down as CEO.

Buffett, who has been leading Berkshire Hathaway for 60 years, said he will step down at the end of the year.

He had previously said he didn't want to retire because he enjoys figuring out where to invest Berkshire's money too much, and that he planned to continue working until he dies or becomes incapacitated.

Buffett said he will recommend to Berkshire Hathaway's board that Greg Abel should become CEO at the end of the year.

"I think the time has arrived where Greg should become the Chief Executive office of the company at year end," Buffett said.

The 94-year-old remains in good health, though he does use a cane. Buffett announced the news at the end of a five-hour question-and-answer period and didn't take any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning.

About an hour later, Abel came out to oversee the formal Berkshire business meeting without Buffett, and he addressed the announcement.

"I just want to say I couldn't be more humbled and honored to be part of Berkshire as we go forward," Abel said.

Abel has been Buffett's designated successor for years, and he already manages all of Berkshire's noninsurance businesses. But it was always assumed he wouldn't take over until after Buffett's death.