Buffett said he resigned after feeling his age
Warren Buffett discloses his decision to step down, attributing it to a newfound awareness of his age. Warren Buffett is unable to pinpoint the precise moment he chose to transfer leadership of Berkshire Hathaway to Greg Abel. In recent years, Buffett noted the significant energy that his chosen successor contributed to each working day. And how his own days had decelerated. The two individuals were functioning at divergent velocities—progressively more so. “There was no magic moment,” Buffett, now 94, stated in an interview with The Wall Street Journal. “How does one ascertain the moment of aging?”
Berkshire shareholders and observers have long contemplated the challenge of finding a successor to Buffett, who has been a dominant presence in American business and finance for decades. However, upon reaching his 90th birthday, Buffett started to confront a reality that many individuals typically acknowledge much sooner in their lives: the passage of time and its implications on age. “I didn’t really start getting old, for some strange reason, until I was about 90,” he remarked during a phone conversation from his office in Omaha, Neb. “However, as one ages, it becomes—this process is irreversible.”
He started to experience a decline in his equilibrium at times and occasionally struggled to remember an individual’s name. Suddenly, the newspapers he read appeared as though they were produced with insufficient ink. Over the past year, those thoughts and feelings consolidated into a decision. On May 3, during the Berkshire annual meeting, Buffett surprised the investing community by announcing in the closing moments of his question-and-answer session his intention to resign as CEO in December, paving the way for Abel’s succession. Buffett will maintain his position as chairman of Berkshire’s board and has not established a timeline for his tenure in that capacity.
The audience in Omaha became quiet as Buffett addressed them, subsequently erupting into applause. Even Abel, who was present on stage alongside him at that moment, was unaware of what was about to unfold. Abel, 62, became part of Berkshire following its 1999 investment in MidAmerican Energy, a utility based in Des Moines, Iowa. Buffett, recognizing Abel’s achievements in expanding the company’s energy sector, elevated him to the position of vice chairman in 2018, assigning him oversight of all noninsurance operations within Berkshire. By 2021, he emerged as Buffett’s chosen successor for the CEO position. “Really great talent is rare,” Buffett stated. “It is uncommon in the realm of commerce. Such occurrences are infrequent in the realm of capital allocation. It is infrequent in nearly every human endeavor one might identify.
At the age of 34, Buffett assumed control of Berkshire, a faltering textile manufacturer based in New England, during the spring of 1965. Over the years, he transformed it into a formidable entity. Berkshire Hathaway engages in the operation of insurance companies, utilities, and a railroad, alongside managing well-known consumer brands such as Dairy Queen and Duracell. The company’s substantial equity portfolio contains significant positions in Apple and American Express. As Berkshire transformed from Buffett’s investment vehicle into a vast conglomerate employing nearly 400,000 individuals, the competencies necessary to maintain the company’s operations also evolved. Buffett has lauded Abel for his capabilities as a manager and his acumen as a dealmaker.
“The difference in energy level and just how much he could accomplish in a 10-hour day compared to what I could accomplish in a 10-hour day—the difference became more and more dramatic,” Buffett stated. “He demonstrated a significantly higher effectiveness in executing tasks, implementing necessary management changes, and providing assistance to those in need, among various other contributions.” “It was unjust, indeed, not to assign Greg to the position,” he remarked. “The more years that Berkshire derives from Greg, the more advantageous it becomes.”
Few anticipated the utterance of those words in 2025. Numerous analysts had speculated that Buffett would remain in charge of Berkshire until his passing. However, Buffett stated that he has never viewed himself as Berkshire’s CEO for life. “I believed my tenure as CEO would continue as long as I perceived myself to be more beneficial than anyone else in that role,” he stated. “It was surprising, indeed, how extended the duration was.” Although his tenure as CEO is drawing to a close, Buffett has expressed his intention to continue his work.
“My health is fine, in the sense that I feel good every day,” he stated. “I am currently at the office, collaborating with colleagues whom I hold in high regard, and who seem to appreciate my presence. Together, we engage in our tasks with a sense of enjoyment.” Buffett’s address is displayed on a screen during the Berkshire Hathaway shareholders’ meeting.
Buffett recognized that his advancing age has somewhat diminished certain capabilities; however, he asserted that he continues to retain what may be his most valued and uncommon skill as an investor. “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,” he stated to the Journal. “I will be useful here if there’s a panic in the market because I remain unfazed when prices decline or when others succumb to fear. And that really isn’t a function of age.”
Buffett remarked that Abel exhibits similar characteristics. Abel’s recent responsibilities have included the oversight of subsidiary companies; however, Buffett noted that he is also a proficient investor. The accumulation of Berkshire’s substantial reserves of cash and Treasurys has recently garnered interest, prompting speculation about the potential sources for the company’s forthcoming investment opportunities. “He will have ideas about where money should be invested,” Buffett stated.
The Abel era at Berkshire is set to commence in under eight months. And when it occurs, Buffett will not be distant. He intends to continue his presence in his Omaha office. “I’m not going to remain at home and engage in watching soap operas,” he remarked with a chuckle. “My interests remain unchanged.”
