After more than six decades of transforming Berkshire Hathaway from a struggling textile firm into a $1 trillion conglomerate, Warren Buffett has announced he is stepping down as the company’s chief executive officer (CEO).

“I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m ‘going quiet’,” Buffett wrote to shareholders in his annual CEO letter on Monday.

The 95-year-old billionaire revealed that he would hand over the CEO role to Greg Abel, current CEO of Berkshire Hathaway Energy and vice-chairman of the firm’s non-insurance operations, at the end of the year. Buffett expressed full confidence in Abel’s ability to lead the company’s future.

“I can’t think of a CEO, a management consultant, an academic, a member of government – you name it – that I would select over Greg to handle your savings and mine,” he said.

Once the richest person in the world, Buffett’s net worth is now estimated at $148.2 billion, making him the 10th richest individual globally, according to Forbes.

Known as the ‘Oracle of Omaha,’ he is widely regarded as one of today’s greatest investors.

Born to a US congressman, Buffett reportedly bought his first stock at age 11 and filed taxes at 13.

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Some of his Berkshire shares have been converted to 1,800 A shares and distributed among four of his family’s foundations, valued at a combined $1.35 billion, according to international media reports.

Reflecting on his long career and life at 95, Buffett shared lessons and personal insights in his letter.

“Remember Alfred Nobel, later of Nobel Prize fame, who – reportedly – read his own obituary that was mistakenly printed when his brother died and a newspaper got mixed up. He was horrified at what he read and realized he should change his behavior,” Buffett wrote.

“Don’t count on a newsroom mix-up: Decide what you would like your obituary to say and live the life to deserve it.”

Berkshire Hathaway, under Buffett’s leadership, grew to own dozens of companies, including Geico, Duracell, and Dairy Queen. Although Buffett is retiring as CEO, he will continue to serve as chairman of the multinational conglomerate.