Warren Buffett on Monday assured shareholders of Berkshire Hathaway they need not worry about his upcoming departure as chief executive, giving a full-throated endorsement to his successor Greg Abel and promising to remain a major stockholder in the conglomerate.

In a Thanksgiving letter that will become an annual tradition, Buffett said he needs to accelerate the disbursement of his Berkshire stock to his three children's foundations. He also intends to keep a significant amount of shares for a short window until shareholders gain confidence in incoming CEO Greg Abel.