Warren Buffett shared big news at the Berkshire Hathaway shareholders meeting yesterday: His plan to step aside as CEO later this year in favor of his longtime heir apparent, Greg Abel. If the announcement was huge, the timing was even more masterful.

Warren Buffett said he will step down as CEO of Berkshire Hathaway at the end of the year, ending a 60-year run where he became an influential and iconic part of the U.S. economy.

Warren Buffett, still full of folksy wisdom and with that ever-present red can of Coca-Cola close at hand, said Saturday that he plans to step down later this year from his role leading Berkshire Hathaway,