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Legendary investor Warren Buffett has written what he says will be his final annual letter to shareholders, officially announcing his plan to hand over the reins of Berkshire Hathaway to his long-time successor, Greg Abel.

In the heartfelt message published Monday, the 95-year-old billionaire said he will stop writing Berkshire's annual reports and speaking at shareholder meetings after this year.

"I will no longer be writing Berkshire's annual report or talking endlessly at the annual meeting. As the British would say, I'm 'going quiet.' Sort of," Buffett wrote.

According to CBS News, Buffett confirmed that Abel, who currently oversees Berkshire's non-insurance operations, will become chief executive officer by the end of the year.

"Greg Abel will become the boss at yearend. He is a great manager, a tireless worker, and an honest communicator. Wish him an extended tenure," Buffett shared.

Abel has been Buffett's trusted lieutenant for years, and Buffett made clear he has full faith in his leadership.

"He understands many of our businesses and personnel far better than I now do," Buffett said. "I can't think of a CEO, a management consultant, an academic, or a government official that I would select over Greg to handle your savings and mine."

Buffett also revealed plans to accelerate the donation of his Berkshire shares to family foundations, a move that will continue his long-standing commitment to philanthropy.

He clarified that the transfer of shares does not signal any shift in his confidence about Berkshire's future performance or potential.

Warren Buffett Reflects on Legacy and Berkshire's Future

The man known as the "Oracle of Omaha" reflected on his decades at the helm of the company, describing Berkshire's future as bright and stable, FoxBusiness reported.

"Berkshire's businesses have moderately better-than-average prospects," he wrote, adding that the company "has less chance of a devastating disaster than any business I know."

Buffett, who first took control of Berkshire in 1965, transformed it from a struggling textile firm into one of the world's most valuable conglomerates.

The company now owns or holds major stakes in brands like Geico, BNSF Railway, Dairy Queen, and Apple.

Although Buffett is reducing his active involvement, he mentioned that he plans to continue sending out a yearly Thanksgiving message as a way to stay in touch with Berkshire Hathaway's shareholders, whom he described as a uniquely valued community.

In closing, Buffett offered his signature wisdom about life and leadership: "Kindness is costless but also priceless. Choose your heroes carefully, and then emulate them. You will never be perfect, but you can always be better."

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