Billionaire Warren Buffett gave some insight into his soon-to-arrive departure as CEO of Berkshire Hathaway in an open letter to shareholders.

In the eight-page-long letter, Buffett told shareholders that his successor, Greg Abel would efficiently take the reins of the company.

“He understands many of our businesses and personnel far better than I now do, and he is a very fast learner about matters many CEOs don’t even consider,” Buffet wrote.

I am unable to assume of a CEO, a management guide, an tutorial, a member of authorities — you title it — that I would choose over Greg to deal with your financial savings and mine,” Buffett wrote. “He is a great supervisor, a tireless employee, and an sincere communicator. Wish him an prolonged tenure.”

The 95-year-old finance tycoon plans to step down as CEO in January.

Buffett has led Berkshire since 1965, and can stay chairman of the $1.07 trillion conglomerate.

He also announced that he donated over $1.3 billion of Berkshire stock on Monday to 4 household foundations led by his kids. The foundations, alongside help from the Gates Foundation, have been steadily freely giving his fortune since 2006.

Buffett still owns close to 14% of the Omaha, Nebraska-based conglomerate’s stock. Buffett is price about $149 billion, according to Forbes journal.

Under Buffett’s management over the past six a long time, Berkshire has established a fame for constantly outperforming the stock market.

This has, however, grow to be more and more troublesome to do in recent times due to the conglomerate’s huge measurement. Even Berkshire’s greatest acquisition in years — the $9.7 billion buy of OxyChem announced last month — gained’t do a lot to have an effect on the backside line at a company with more than $1 trillion market capitalization, studies the Associated Press.

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Berkshire owns Geico insurance coverage, BNSF railroad, a number of large utilities and a numerous assortment of manufacturing and retail companies, including such well-known manufacturers as Dairy Queen, See’s Candy, and Helzberg Diamonds.

He promised shareholders he would communicate in future Thanksgiving letters, however he confirmed that next yr, Greg Abel will take over Buffett’s well-known yearly letter and reply all the questions at the annual assembly after he turns into CEO in January.

In some passages of his letter, Buffett recalled how “Father Time” is catching up with him.

“Father Time, to the contrary, now finds me more interesting as I age. And he is undefeated; for him, everyone ends up on his score card as ‘wins.’”

Buffett said he’s shifting slowly and now has growing difficulty studying, however he continues to enter the workplace 5 days a week to seek for useful business concepts or offers that may benefit Berkshire.