Despite the billionaire’s frugal ways, his presence pumped up the local economy, drawing tourists and packing annual conventions.

In an announcement that many investors knew was coming but didn’t believe would actually happen, famed investor Warren Buffett said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year.

When Warren Buffett steps down as chief executive of Berkshire Hathaway BRK.A BRK.B — but stays on as chair — at the end of the year, he’ll be 95 years old. That will put him in rarefied company, not just for a high-ranking executive but for being in the workforce at all.