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

"I Only Really Started Feeling Old at 90"

Buffett cannot pinpoint the exact moment to pass the baton, but in recent years, he has clearly felt the growing rhythm difference between himself and his 61-year-old successor, Greg Abel.

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

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

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

He described subtle changes such as occasionally unsteady steps, sudden lapses in memory for names, and even difficulty reading the print in newspapers.

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

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

Buffett will continue to serve as chairman of Berkshire's board and has not set a timeline for 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 was going to happen.

"Letting a More Efficient Person Take the Helm"

62-year-old Abel joined through Berkshire's acquisition of the energy company MidAmerican in 1999. Buffett has been impressed with his success in developing the company's energy business, promoting Abel to vice chairman in 2018 and putting 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, at the age of 34, Buffett took over the struggling textile company Berkshire and transformed it into a nearly trillion-dollar behemoth, encompassing dozens of companies like GEICO insurance, BNSF railway, DQ ice cream, and major 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 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 in Omaha, Nebraska. Image source: MATTHEW PUTNEY/AP/JAZWARES

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

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

Few expected to hear these words in 2025.

Many observers had thought Buffett might continue to lead Berkshire until his death. But Buffett stated that 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 indicated that he plans to continue working.

"I Can Still Be Useful When Panic Sets In"

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

Buffett's speech appeared on screens at the Berkshire Hathaway shareholder meeting. Image source: REUTERS

While Buffett acknowledged that aging has indeed diminished some of his abilities, he stated that as an investor, he still possesses perhaps his most cherished 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 panic sets in, I will be here to be useful because when prices drop or everyone is panicking, I don't feel afraid."

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

Buffett said the same is true for Abel. Although Abel's recent tasks have involved overseeing subsidiaries, Buffett stated that 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 about where money should be invested," Buffett said.

The era of Abel at the helm 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 be sitting at home watching soap operas," he laughed. "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.

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