Buffett admits he stepped down due to old age: it wasn't until he was 90 that he truly began to feel old.

Warren Buffett outside the Berkshire Hathaway headquarters in Omaha, Nebraska. Photo source: VINCENT TULLO

"Only start to feel old at 90"

#Buffett cannot pinpoint the exact moment of handing over the baton, but in recent years, he has clearly felt the growing rhythm differences between himself and his 61-year-old successor, Greg Abel.

"There is no magical moment," said 94-year-old Buffett in an interview with The Wall Street Journal.

Berkshire's shareholders and onlookers have long wondered who could succeed Buffett, a prominent figure in American business and finance for decades. But as he turned 90, Buffett began to experience something that most people have to accept much earlier in life: his own age.

"Strangely, I didn't really start to feel old until I was 90," Buffett said in a phone interview from his office in Omaha, "but once it starts, it's irreversible."

He described subtle changes in his occasionally unsteady gait, sudden lapses in name recall, and even difficulty reading the text on the newspaper.

Over the past year, these thoughts and feelings have converged into a decision.

On May 3, during the Berkshire annual shareholder meeting, Buffett revealed in the last few minutes of the Q&A session that he plans to step down as CEO in December, with Greg Abel set to take over, shocking the investment community.

Buffett will continue to serve as the chairman of Berkshire's board and has not set a timetable for fulfilling that role.

The audience in the Omaha arena fell silent as Buffett spoke, then erupted into applause. Even Abel, who was on stage with him at the time, did not know what would happen.

"Let more efficient people take the helm"

62-year-old Abel joined MidAmerican, an energy company acquired by Berkshire in 1999. Buffett was impressed with his success in developing the company's energy business and elevated Abel to vice chairman in 2018, assigning him responsibility for all non-insurance operations of Berkshire. By 2021, he had become Buffett's designated successor as CEO.

"Truly exceptional talent is very rare," Buffett said. "Rare in business. Rare in capital allocation. Rare in almost any human activity you can think of."

In 1965, at the age of 34, Buffett took over the nearly bankrupt textile company Berkshire and transformed it into a behemoth with a market value of nearly one trillion dollars, encompassing dozens of companies such as GEICO Insurance, BNSF Railway, DQ Ice Cream, and significant investments in Apple and American Express.

As Berkshire evolved from Buffett's investment vehicle into a massive corporate group with nearly 400,000 employees, the skills required to keep the company running have also changed. Buffett praised Abel as both an excellent manager and a superb dealmaker.

Greg Abel (third from left) and Warren Buffett (seated) at the 2025 Berkshire Hathaway annual shareholder meeting held in Omaha, Nebraska. Photo credit: MATTHEW PUTNEY/AP/JAZWARES

"The difference in the amount of work and energy levels that he and I can accomplish in a 10-hour workday — that difference is becoming increasingly larger," Buffett said. "He is much more efficient in handling affairs, adjusting management where needed, helping those who need assistance in certain ways, and in various aspects."

"To be honest, it's unfair not to let Greg take this position," he added. "Berkshire would be better off with more years from Greg."

Few people expected to hear these words in 2025.

Many observers believed that Buffett might helm Berkshire until his death. But Buffett stated that he never thought of himself as Berkshire's lifelong CEO.

"I used to think that as long as I was more useful as a CEO than anyone else, I would continue to be the CEO," he said. "And what surprised me is, you know, how long this has lasted."

Although his days as CEO are numbered, Buffett stated that he intends to continue working.

"When panic strikes, I can still make an impact"

"My health is great, I feel good every day," he said. "I work here in the office with the people I love, and they like me too, we are very happy together."

At the Berkshire Hathaway shareholder meeting, Buffett's speech appeared on the screen. Source of the image: REUTERS.

Although Buffett acknowledges that aging has indeed diminished some of his abilities, he states that as an investor, he still possesses perhaps his most cherished and rare talent.

"I have no difficulty making decisions now about things I decided 20, 40, or 60 years ago," he told The Wall Street Journal. "If there is panic in the market, I will step in because I don’t get scared when prices drop or when everyone else is feeling panicked."

"And this really has nothing to do with age."

Buffett said the same about Abel. Although Abel's task in recent years has been to oversee subsidiaries, Buffett stated that he is also a successful investor. Berkshire's massive cash and U.S. Treasury reserves have recently attracted attention, with observers wondering where the company will find its next deal.

"He will have ideas about where money should be invested," Buffett said.

The era led by Abel will begin in eight months, and when it arrives, Buffett will not be far away. He plans to continue coming to the Omaha office.

"I won't sit at home watching soap operas," he said with a smile. "My interests are still here."

This article is translated from the Wall Street Journal, original title: Warren Buffett Reveals He Stepped Down After Finally Feeling His Age