Warren Buffett tells WSJ he stepped aside as CEO after feeling old

Warren Buffett, the 94-year-old investment legend, shocked shareholders by announcing his decision to step down as Berkshire Hathaway CEO after a remarkable 60-year tenure. In a recent interview with The Wall Street Journal, Buffett cited the physical effects of aging as the primary reason for his departure.

"I didn’t really start feeling old until I was about 90," Buffett revealed. "But as you age, it becomes irreversible." The Oracle of Omaha disclosed that he had been experiencing issues with balance, occasional memory lapses, and declining vision, particularly when reading newspapers.

Despite his decision to step down, Buffett emphasized that he remains mentally sharp and capable of making investment decisions when opportunities arise. Known for his value investing strategy, Buffett plans to continue capitalizing on market downturns and undervalued assets to make significant acquisitions.

Berkshire’s board has unanimously appointed Greg Abel, the current vice chairman of non-insurance operations, as the new president and CEO starting January 1, 2026. Buffett will retain his position as chairman of the conglomerate, which boasts a market cap of nearly $1.2 trillion.

Buffett expressed confidence in his ability to navigate market volatility and capitalize on investment opportunities, stating, "I will be useful here if there’s a panic in the market because I don’t get fearful when things go down in price or everybody else gets scared. And that really isn’t a function of age."

The transition marks the end of an era at Berkshire Hathaway, which was once a struggling textile mill before Buffett transformed it into a diverse conglomerate with holdings in various industries. Despite his impending retirement, Buffett’s legacy as a savvy investor and business leader is set to endure.

For more details, you can read the original Wall Street Journal article here.