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.

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

The decision to step down caps a remarkable 60-year run where Buffett transformed Berkshire from a failing textile company into a $1.16 trillion conglomerate with businesses across the U.S. economy.