Warren Buffett said on Saturday he will step down as chief executive of Berkshire Hathaway at the end of the year, and hand over the reins to vice-chair Greg Abel.

"I think the time has arrived where Greg should become the chief executive of the company at year end," Buffett, 94, said at Berkshire's annual meeting.

He said Abel hadn't been aware of his plans prior to the announcement. Buffett also said he had "zero" intention of selling any of his Berkshire stock.

Buffett's decision to step down caps a remarkable 60-year run where he transformed Berkshire from a failing textile company into an enormous conglomerate with businesses across the U.S. economy.

The news was also unexpected, though Buffett said he had told his children about his decision.