Warren Buffett, the 94-year-old investment legend, recently surprised shareholders by stepping down as CEO of Berkshire Hathaway after a remarkable 60-year run. In a phone interview, Buffett revealed that the physical effects of aging were the reason behind his decision. “I didn’t really start getting old, for some strange reason, until I was about 90,” Buffett said.
“But when you start getting old, it’s irreversible.”
The Oracle of Omaha, who turns 95 in August, mentioned that he started to lose his balance occasionally and experienced issues remembering names. He also noted that his vision turned less clear when reading newspapers. Buffett’s decision marks the end of an era at Berkshire Hathaway, which was a failing New England textile mill six decades ago.
Under his leadership, the company transformed into a unique conglomerate with businesses ranging from Geico Insurance to BNSF Railway. Berkshire’s board voted unanimously to make Greg Abel, the current vice chairman of non-insurance operations, president and CEO on Jan.
Buffett steps aside for Abel
1, 2026. Buffett will remain as chairman. Despite stepping down from his CEO role, Buffett assured that he remains mentally sharp to make investment decisions when opportunities arise.
The value investing icon is known for taking advantage of market turmoil and depressed prices to make big purchases. “I don’t have any trouble making decisions about something that I was making decisions on 20 years ago or 40 years ago or 60 years,” Buffett said. “I will be useful here if there’s a panic in the market because I don’t get fearful when things go down in price or everybody else gets scared.
And that really isn’t a function of age.”
Buffett’s successor, Greg Abel, is a 62-year-old businessman born in Edmonton, Alberta. He was named as Buffett’s successor in 2021 during the company’s annual shareholder meeting, an event often called “Woodstock for Capitalists.”
As Berkshire Hathaway shares trade near a record high, giving the conglomerate a market cap of nearly $1.2 trillion, Buffett is handing over the reins on a high note. The investment world will closely watch how Abel leads the company and continues Buffett’s legacy.
Image Credits: Photo by Omar Flores on Unsplash
