Warren Buffett Explains Why He Stepped Down As Berkshire Hathaway CEO: 'It's Irreversible'
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'I didn't really start getting old, for some strange reason, until I was about 90, but when you start getting old, it does become -- it's irreversible,' says Warren Buffett.
At the age of 94, legendary investor Warren Buffett has stepped down as CEO of Berkshire Hathaway by the end of the year, passing the leadership baton to Vice Chairman Greg Abel. The decision marks the end of a remarkable six-decade run during which Buffett transformed the company from a struggling textile firm into a $1-trillion conglomerate.
In an interview with The Wall Street Journal, Buffett attributed the move to the natural effects of ageing.
'There was no magic moment. How do you know the day that you become old?" he said. 'I didn't really start getting old, for some strange reason, until I was about 90, but when you start getting old, it does become — it's irreversible."
Buffett shared that small but significant signs — such as losing his balance, forgetting names, and difficulty reading newspapers — led him to realise it was time to step back. He also acknowledged that he and Abel were no longer operating at the same pace.
'The difference in energy level and just how much he could accomplish in a 10-hour day compared to what I could accomplish in a 10-hour day — the difference became more and more dramatic," Buffett admitted. 'He just was so much more effective at getting things done, making changes in management where they were needed, helping people that needed help somewhere, but just all kinds of ways."
Despite physical limitations, Buffett stressed that his mental acuity remains intact and that he will continue to be active in making investment decisions.
'I don't have any trouble making decisions about something that I was making decisions on 20 years ago, or 40 years ago or 60 years ago," he said. '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."
He noted that he still feels good and looks forward to going to work each day at the Omaha headquarters. He has no plans for a quiet retirement.
'I'm not going to sit at home and watch soap operas… My interests are still the same," Buffett said, making it clear that he remains passionate about investing and the work he does.
Under Buffett's stewardship, Berkshire Hathaway became one of the most successful investment vehicles in history, with a portfolio that spans companies like Duracell, GEICO, Coca-Cola, and Bank of America. His decision to step down as CEO may mark the end of an era — but it's clear that Buffett has no intention of walking away from the world of investing entirely.
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