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

"It wasn't until I was 90 that I really started to feel old"

#Buffett cannot pinpoint the exact moment of handing over the baton, but in recent years, he has felt an increasing disparity in pace between himself and his 61-year-old successor Abel (Greg Abel).

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

Berkshire's shareholders and onlookers have long wondered who could replace Buffett, a towering figure in American business and finance for decades. But as he passed his 90th birthday, Buffett began to experience something most people have to accept early in life: his own age.

"Strangely, I only really started to feel old at 90," Buffett said during a phone interview from his Omaha office, "but once it starts, it's irreversible."

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

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

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

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

The audience in Omaha's arena fell silent as Buffett spoke, then erupted in applause. Even Abel, who was on stage with him at the time, didn't know what would happen next.

"Let more efficient people take the helm"

62-year-old Abel joined through Berkshire's acquisition of the energy company MidAmerican in 1999, and Buffett was impressed with his success in developing the company's energy business, promoting Abel to vice chairman in 2018 and placing him in charge of all non-insurance operations at Berkshire. By 2021, he was 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 endeavor you can think of."

In 1965, 34-year-old Buffett took over the near-bankrupt textile company Berkshire and transformed it into a behemoth with a market value of nearly a trillion dollars, encompassing dozens of businesses such as GEICO insurance, BNSF railway, DQ ice cream, and significant investments in Apple and American Express.

As Berkshire has evolved from Buffett's investment vehicle into a massive conglomerate with nearly 400,000 employees, the skills needed 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 meeting held in Omaha, Nebraska. Photo source: MATTHEW PUTNEY/AP/JAZWARES

"The difference in the amount of work and energy he can accomplish in a 10-hour workday—this difference has become more pronounced," Buffett said. "He is much more efficient at handling affairs, adjusting management where needed, helping those who need help in certain areas, and in various aspects."

"To be honest, it wouldn't be fair not to let Greg have this position," he added. "The longer Berkshire can benefit from Greg, the better it will be."

Few expected to hear those words in 2025.

Many observers once thought Buffett might steer Berkshire until his death. But Buffett stated he never believed he would be Berkshire's lifelong CEO.

"I always thought that as long as I was more useful as CEO than anyone else, I would continue to be CEO," he said. "And what surprises me is, you know, how long that has lasted."

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

"I can still act when panic strikes"

"My health is good, and I feel fine every day," he said. "I’m here in the office, working with the people I love, who also like me, and we have a great time together."

At the Berkshire Hathaway shareholder meeting, Buffett's speech appeared on the screen. Photo source: REUTERS

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

"I have no difficulty making decisions about things I decided 20 years ago, 40 years ago, or 60 years ago," he told The Wall Street Journal. "If the market panics, I will be here to act, because I am not afraid when prices drop or everyone else is feeling panic."

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

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

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

The era of Abel's leadership will begin eight months later, and when it arrives, Buffett will not go far. He plans to continue coming to the Omaha office.

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

This article is translated from The Wall Street Journal, titled: Warren Buffett Reveals He Stepped Down After Finally Feeling His Age.