Business leaders reacted on Saturday after Warren Buffett announced that he plans to step down as CEO of Berkshire Hathaway following decades of leading the conglomerate. 

"There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom," Apple CEO Tim Cook wrote on X. "It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg."

Buffett named Greg Abel, who is vice chairman of Berkshire, as his replacement. 

"I think the time has arrived where Greg should become the chief executive of the company at year end," Buffett said at Berkshire's annual shareholders meeting in Omaha, Nebraska.

Buffett, 94, said he would "hang around" the conglomerate after retiring as CEO, according to CNBC. 

Following his announcement, Buffett received a standing ovation for several minutes from the large crowd in honor of his decades of service. 

Jim Kramer, host of CNBC’s "Mad Money," wrote on X: "In awe of Buffett and congratulate him on the greatest run of all time. Our only G.O.A.T." 

Billionaire Mark Cuban shared video of Buffett's standing ovation on his X account. 

Spencer Hakimian, founder of Tolou Capital Management, also shared video, writing on X:Warren Buffett just got a 10 minute long standing ovation after announcing his retirement. Curtain call for the captain."

Republican Rep. French Hill of Arkansas, 68, who is chair of the House's Financial Services Committee, told CNBC on Saturday that Buffett has been a "hero of mine since I was in college." 

He said he's been coming to the Berkshire meetings since the early 1990s. 

"When I got out of government in 1993, and went back to the private sector in investment managment, it was Warren Buffett who was my, know know, role model. I man I've never personally met, but I've admired all these years. And he always loved tap dancing to work. Well, now he's tap dancing out of work. What a day!"