At the age of 94, Warren Buffett has made the surprising announcement that he will step down as CEO of Berkshire Hathaway, passing the reins to Greg Abel by the end of the year. In a candid interview with The Wall Street Journal, Buffett stated that there was no single defining moment that led to his decision, questioning how one can recognise the day they truly feel old.
Abel, who is currently leading Berkshire Hathaway Energy and serves as vice chairman of non-insurance operations, is set to succeed Buffett at the beginning of 2026. Buffett confirmed that he will retain the role of chairman until his passing. Reflecting on age, he shared that he only started feeling older at around 90, noting that with age come certain challenges, like balancing issues and memory lapses, which he described as irreversible.
Buffett has been an integral part of Berkshire Hathaway since 1965, and he made his retirement announcement at the company’s annual shareholder meeting, an event often regarded as "Woodstock for Capitalists." Abel, who hails from Edmonton, Alberta, was already identified as Buffett’s successor back in 2021.
Despite stepping down from his CEO position, Buffett will continue to engage in work and has reassured stakeholders that his mental acuity and passion for investing remain intact. He expressed contentment with his health, saying, "I feel good every day" and that he enjoys working alongside people he values.
Looking towards his future post-retirement, Buffett dismissed the idea of idleness, stating, "I’m not going to sit at home and watch soap operas… My interests are still the same." This assertion reflects his commitment to remaining active and engaged in his lifelong pursuits even as he prepares to hand over corporate leadership.