With billionaire Warren Buffett resigning as CEO of Berkshire Hathaway at the end of 2025, he will renounce control of a company he leads.

Buffett, 94, made the announcement at Berkshire's annual meeting on May 3, adding that he would hand over the InS rope to Vice Chairman Greg Abel.

"I think it's time for Greg to become the company's CEO at the end of the year," Buffett said at the meeting on Saturday. While he won't be part of the day-to-day operations of the holding company, he said he has "zero" intentions to sell any of his Berkshire stock.

After the announcement, he told CNBC's Becky Quick "he still plans to get into the office every day."

According to CNBC's billionaire Bio, Buffett began buying Berkshire shares in 1962, which led to him gaining a majority stake and ultimately controlling the once-failed textile company.

Despite the surprise news, even Abel, who said Buffett had no prior knowledge of his plan, pointed out that his children knew his decision.

This is what you need to know after the news that Buffett is about to set off.

Warren Buffett: Omaha's Oracle, Life in Photos

With an estimated real-time net worth of over $160 billion, the nickname is "Omaha's Oracle" - Buffett is a long way from growing up in Omaha, Nebraska, with his two siblings, mother and father, former congressman, former congressman, his CNBC Bio.

Bio read that Buffett's father, Howard Buffett, was engaged in investment business and served on the Omaha school board before being elected Republican in 1942.

Buffett quickly followed his father's footsteps because by the age of 11, he had already purchased his first stock, with three-share city services preferring $38 per share. According to CNBC Bio, Buffett sold his stake when the stock fell and increased to $40, but then saw its interest.

Since then, Buffett has applied his first investment, lessons learned from a bachelor’s degree in business administration at the University of Nebraska, and the teachings of Benjamin Graham of Value Investing to create an empire.

“Warren Buffett’s enormous financial success, along with his Central American common sense, a humble lifestyle and a self-deprecating sense of humor, made him one of the most famous and respected billionaires in the world,” reads his CNBC Bio.

Buffett has amassed his wealth primarily through Berkshire Hathaway's portfolio, which includes 44 different public stocks and dozens of private companies and non-title securities, a private financial and investment consulting firm in Virginia, according to Motley Fool in March.

Buffett and his late Berkshire business partner Charlie Munger have invested in a variety of businesses and businesses throughout his financial career, including Coca-Cola, Heinz Breasts, IBM Computers, IBM Computers, Dairy Queens, Duraker, insurance companies, media companies, railroads and real estate.

While Buffett and Berkshire's portfolio can be considered diversified, the company currently has about $283 billion in publicly traded stocks, with 47% of the shares concentrated near three shares. Apple (22.7%), American Express (14.3%) and Bank of America (10.1%) are all winners for Berkshire and are investing heavily by holding companies.

In 2024, Berkshire reached a $1 trillion market value, making it the first company outside of technology to do so.

In 2010, Buffett and billionaire Bill Gates formed a donation commitment to encourage the rich to donate half of their net worth to charities. After the campaign was founded, Buffett promised to donate 99% of his wealth to charity.

"If we use more than 1% of my claim check ourselves (Berkshire Hathaway Stock Certificate), neither our happiness nor our happiness will be enhanced. By comparison, the remaining 99% have a huge impact on the health and well-being of others," Buffett said.

Buffett’s resume on his campaign website said that Buffett attributed his wealth to “a combination of life in America, some lucky genes and complex interests.”

“My luck is my life in a market system that sometimes produces distorted results, despite serving our country in general,” Buffett said. “I work in an economy, rewarding someone who saves someone else’s lives on the battlefield, and rewarding a great teacher through medals and rewarding those who can spot securities misunderstandings through parents’ thank-you letters and reaching billions of dollars.

It is unclear what Buffett will do next, but it may include enjoying time with his family and his wife, Astrid Menks, of nearly 20 years. The two met after Buffett separated from his ex-wife Susie Thompson.

"It's great that she takes care of me," Buffett told his wife Charlie Rose in 2007.

This article originally appeared in USA Today: About Warren Buffett, CEO of Berkshire Hathaway