Warren Buffett has stepped down as CEO of Berkshire Hathaway, passing leadership to his chosen successor, Greg Abel.

Abel, 63, takes over after Buffett spent six decades building the company into a global powerhouse.

As CEO, Abel will maintain Berkshire’s decentralized structure while navigating slower growth due to the firm’s massive size.

Although the transition surprised some investors, Buffett had announced in May that he would step aside, CBS News has reported.

Buffett will remain chairman and continue working closely with Abel as a mentor.