In an announcement that many investors knew was coming but didn’t believe would actually happen, famed investor Warren Buffett said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year.

Tens of thousands of shareholders descend on Omaha for Berkshire Hathaway's annual meeting. Chairman and CEO Warren Buffett faces 4 1/2 hours of questions from investors attending the event that's been dubbed "Woodstock for Capitalists."

Warren Buffett told Berkshire Hathaway shareholders Saturday that he will step down as CEO by year's end, and he tapped Greg Abel as his successor.