Berkshire Hathaway Chairman and CEO Warren Buffett
Share this @internewscast.com

At 94 years old, Warren Buffett stunned the investor world when he announced he was stepping down as CEO of Berkshire Hathaway.

But he had a simple answer for why he decided to hand over the position to Greg Abel at the end of the year.

“There was no magic moment,” Buffett said to The Wall Street Journal in an interview.

Berkshire Hathaway Chairman and CEO Warren Buffett
Berkshire Hathaway CEO Warren Buffett has announced he will step down from the position. (AP)

“How do you know the day that you become old?”

Abel, who holds the position of CEO at Berkshire Hathaway Energy and serves as the vice chairman overseeing Berkshire’s non-insurance divisions, is set to take over from Buffett at the beginning of 2026. In the announcement, Buffett mentioned he would retain his role as chairman until his passing.

“I didn’t really start getting old, for some strange reason, until I was about 90,” he continued to WSJ.

Shareholders take their seats for the Berkshire Hathaway annual meeting on Saturday, May 6, 2023. (AP)

“But when you start getting old, it does become – it’s irreversible.”

Some of those symptoms, he said: losing his balance, having difficulty recalling names, a harder time reading the newspaper.

Abel, 62, an Edmonton, Alberta-born businessman, was designated as Buffett’s successor in 2021.

Having been with Berkshire Hathaway since 1965, Buffett disclosed this news during the company’s annual shareholder gathering, an occasion frequently referred to as “Woodstock for Capitalists.”

The world’s top 10 richest people for 2025

But Buffett told the Journal he still plans to keep working, and his investing acumen is very much intact.

“My health is fine, in the sense that I feel good every day,” he said.

“I’m here at the office and I get to work with people I love, that they like me pretty well, and we have a good time.”

As for his retirement plans from Omaha: “I’m not going to sit at home and watch soap operas … My interests are still the same.”

Share this @internewscast.com
You May Also Like

Russian Airstrikes Retaliate for Operation Spider’s Web, Leaving Nine Dead in Ukraine

Russian air attacks on Ukrainian cities have claimed the lives of nine…
Perth Children's Hospital Foundation hospice

Local Council Criticized for Rejecting Park Proposal for Children with Terminal Illnesses

There’s a small piece of land in Perth’s west causing a significant…
Body of Thai hostage in Gaza recovered, Israel says as dozens killed

Israel Reports Recovery of Thai Hostage’s Body in Gaza Amidst Ongoing Conflict

Israel announced overnight that it has recovered the body of a Thai…
New Zealand is the most popular destination for Aussies the latest numbers show.

Updated Travel Tips for Australia’s Most Popular Destinations

Australians are heading overseas for a holiday in record numbers. Aussies are…
A map showing marine heatwaves in the South-West Pacific in 2024.

Vast Region Five Times the Size of Australia Hit by Intense Heatwave

The World Meteorological Organization’s (WMO) State of the Climate in the South-West…
Protesters gather at the US Department of Justice Federal Bureau of Prisons after federal immigration authorities conducted an operation in Los Angeles.

Dozens Arrested in Los Angeles for Immigration Offenses by U.S. Federal Authorities

Following the arrest of over 40 individuals by federal immigration officers on…
National Guard to respond to LA protests over 'chaotic' ICE raids

LA Protests Prompt National Guard Response Amid ‘Chaotic’ ICE Raids

On Saturday local time, protesters gathered in Paramount, California. Assembly member José…
The Washington power couple straddling the Trump-Musk feud

The Washington Power Duo Navigating the Trump-Musk Dispute

They’re the Washington couple at the centre of power in the Trump…
The Australian icon will hit stage in Adelaide tonight to kick off a solo national tour.

Jimmy Barnes Shares the One Word He Never Uses

From a humble start to famous rocker, Jimmy Barnes has never been…
This combo of images released by the Arkansas Department of Corrections shows the recapture of escaped inmate Grant Hardin, an ex-police chief and convicted killer, by Arkansas law enforcement officers and the U.S. Border Patrol , Friday, June 6, 2025, near Moccasin Creek in Izard County,  about 1.5 miles (2.4 kilometers) northwest of Calico Rock prison. in Calico Rock, Ark. (Arkansas Department of Corrections via AP)

Relief for Victims as ‘Devil’ Escapee Transferred to State’s Most Secure Prison

Grant Hardin, notorious for his moniker “Devil in the Ozarks,” and infamous…
Elon Musk, Donald Trump, JD Vance

Vance Warns That Musk’s Actions Against Trump Are a ‘Big Mistake’

The vice president, in a discussion published on Friday following the highly…

Mistakenly Deported Man Returns from El Salvador to Address U.S. Charges

Kilmar Abrego Garcia, who was erroneously deported from Maryland to El Salvador…