Buffett admitted to stepping down because of his age: He didn't really feel aging until he was 90 years old

 Warren Buffett outside Berkshire Hathaway\'s headquarters in Omaha, Nebraska. Image source: VINCENT TULLO

“It wasn’t until I was 90 that I really started to feel aging”

#Buffett couldn't pinpoint (notice clearly) the specific moment of handing over the baton, but in recent years he has clearly felt the ever-growing rhythm differences between himself and his 61-year-old successor Greg Abel.

"There are no magical moments," Buffett, 94, said in an interview with the Wall Street Journal.

Berkshire shareholders and bystanders have long wondered who can replace Buffett as an outstanding figure in the business and finance sectors of the United States for decades. But with his 90th birthday, Buffett began to experience something that most people had to accept very early in their lives: their own age.

“The weird thing is that I didn’t really start feeling aging until I was 90,” Buffett said in a telephone interview with the Omaha office. “But once it starts, it’s irreversible.”

He described subtle changes such as his occasional unbalanced pace, his sudden jamming of the name, and even his inability to see the handwriting in the newspaper.

Over the past year, these thoughts and feelings have come together into a decision.

On May 3, at Berkshire's annual shareholders' meeting, Buffett shocked the investment community in the last few minutes of the Q&A session.

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

The audience in the Omaha Arena fell silent as Buffett spoke, and then burst into applause. Even Abel, who was on the same stage with him at the time, didn't know what would happen.

“Let more efficient people take the helm”

Abel, 62, joined in 1999 through the energy company MidAmerican, acquired by Berkshire, and Buffett was impressed by his success in developing the company's energy business, promoted Abel to vice chairman in 2018 and held him in charge of all Berkshire's non-insurance operations. By 2021, he is Buffett Chief Executive Officer’s successor.

“Truely good talent is very rare,” Buffett said. "Rarity in business. Rare in capital allocation. Rare in almost any human activity you can think of."

In 1965, 34-year-old Buffett took over the textile factory Berkshire, which was on the verge of bankruptcy, and built it into a giant with a market value of nearly one trillion US dollars. It covers dozens of companies such as GEICO Insurance, BNSF Railway, DQ ice cream, and major investments such as Apple and American Express.

As Berkshire evolved from Buffett's investment vehicle to a massive conglomerate with nearly 400,000 employees, the skills needed to keep the company running have also changed. Buffett praised Abel for being both an excellent manager and an excellent dealer.

 Greg Abel (third from left) and Warren Buffett (sitting) 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 level that he and I can do in 10 hours of working days—this difference is getting bigger,” Buffett said. “He is much more efficient in handling matters, adjusting management where needed, helping people in need in some ways, and in all aspects.”

“To be honest, it’s unfair not to have Greg in this position,” he added. “Berkshire will get better if he gets more years from Greg.”

Few people expect to hear these words in 2025.

Many observers have thought Buffett might have been at the helm of Berkshire until his death. But Buffett said he never thought he would be Berkshire's lifelong CEO.

“I used to think that as long as I’m more useful as CEO than others, I’ll continue to be CEO,” he said. "And I was surprised, you know, this time lasted so long."

Although he has had a handful of days as CEO, Buffett said he intends to continue working.

“I can still play a role when panic comes”

“I have a good health and feel good every day,” he said. “I’m here in the office and working with people I love and they like me a lot, and we’re so happy together.”

 At Berkshire Hathaway shareholders\' meeting, Buffett\'s speech appeared on the screen. Image source: REUTERS

While Buffett admits that getting older does make some of his abilities less, he says he still has perhaps the most cherished and rarest talent he values.

“For things I made decisions 20 years ago, 40 years ago, or 60 years ago, I have no difficulty making decisions right now,” he told the Wall Street Journal. “If there is a panic in the market, I will play a role here because when prices fall or when everyone feels panic, I won’t feel scared.”

“And it really has nothing to do with age.”

Buffett said, so was Abel. Although Abel has been tasked with overseeing its subsidiary in recent years, Buffett said he is also a successful investor. Berkshire's huge cash and Treasury reserves have attracted attention recently, and observers want to know where the company will find its next deal.

“He would have ideas about where money should be invested,” Buffett said.

The era of Abel's helm begins eight months later, and when it comes, Buffett won't go far. He plans to continue to come to his office in Omaha.

“I won’t sit at home and watch soap operas,” he said with a smile. “My interest is still here.”

This article is compiled from the Wall Street Journal, original title: Warren Buffett Reveals He Stepped Down After Finally Feeling His Age