'No magic moment': Warren Buffett reveals reason for retirement
Your web browser is no longer supported. To improve your experience update it here 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 CEO Warren Buffett has announced he will step down from the position. (AP) "How do you know the day that you become old?" Abel, the CEO of Berkshire Hathaway Energy and the vice chairman of non-insurance operations of Berkshire, is slated to succeed Buffett at the start of 2026. Buffett said in the announcement he will remain as chairman until his death. "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. Buffett, who has been with Berkshire Hathaway since 1965, made the announcement at the company's annual shareholder meeting, an event often called "Woodstock for Capitalists." 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." Billionaire
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