At the annual meeting of Berkshire Hathaway, known as “Woodstock for capitalists,” many wept at the departure of a singular figure in the business world.

American investor Warren Buffett, 94, will remain as chairman of Berkshire Hathaway's board of directors once he steps down as chief executive at the end of this year, the conglomerate announced Monday.

With Buffett remaining as chairman, shareholders may be comforted that the "Oracle of Omaha" will remain to help Abel with any big acquisition opportunities.

Warren Buffett's Berkshire Hathaway on Saturday reported first-quarter operating earnings that dropped 14.1% year-over-year, while its cash pile hit a record high.

Berkshire Hathaway's board said Monday it approved Warren Buffett's successor Greg Abel to take over as CEO at the end of the year, while Buffett remains chair of the board.