Warren Buffett has officially stepped down as chief executive officer of Berkshire Hathaway after nearly six decades with the company. The 95-year-old billionaire investor, who had previously announced his retirement plans for May, will remain chairman to provide guidance as the business transitions into its next chapter.

Buffett handed day-to-day control to Gregory Abel, a 63-year-old longtime lieutenant who has built Berkshire Hathaway’s energy business into a global force and earned Buffett’s trust as a steady operator. The company now sits on roughly $381.7 billion in cash reserves—a deliberate signal that Buffett sees few worthwhile opportunities in today’s inflated markets.

Berkshire Hathaway, which spans around 90 companies across industries from railroads and insurance to candy and ice cream, has transformed a struggling textile mill into a $1.1 trillion financial powerhouse under Buffett’s leadership. The company’s stock trades near $750,000 per share, reflecting its enduring value.

Buffett, known as the “Oracle of Omaha,” will continue his philosophy of disciplined investing: “Be fearful when others are greedy, and greedy when others are fearful.” He also emphasized the importance of staying within one’s “circle of competence” and adhering to core principles like never losing money.