Warren Buffett stunned the world with a surprise announcement that he plans to retire at the end of the year, a stark departure from previous statements.

Buffett is one of the world’s most successful investors, earning the nickname “the Oracle of Omaha.” Buffett has previously said he had not intention of ever retiring, but he announced his surprise change of mind at a five-hour Q&A in an Omaha arena.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said, via AP News, referring to Vice Chairman Greg Abel. Buffett chose Abel as his successor years ago, but it was understood that he would not succeed Buffett as long as the latter was alive.

AP News also reports that Buffett’s children, Howard and Susie Buffett, were the only board members who were aware of his change of heart prior to the announcement. The news even took Abel by surprise.

“I just want to say I couldn’t be more humbled and honored to be part of Berkshire as we go forward,” Abel said when the company’s formal business meeting took place roughly an hour later.

Buffett also made clear he intends to keep his fortune invested in Berkshire Hathaway, putting to rest any questions about the faith he has in Abel.

“I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” Buffett said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”

After 60 years as head of the company, Buffett’s impending retirement truly marks the end of an era.