Billionaire Warren Buffett announced he is stepping down as Berkshire Hathaway's CEO on Saturday during the company's annual shareholder meeting.

He is ready to step down as Berkshire Hathaway’s chief executive at year-end.The 94-year-old investor closed the annual meeting of the company he built into one of the nation’s largest with the surprise announcement that he will recommend Vice Chairman Greg Abel,

Mr. Buffett said at the annual shareholders’ meeting that he wanted to turn over the reins to Greg Abel at the end of the year. He started the meeting by saying, “Trade should not be a weapon.”