Warren Buffett, 94, surprised investors earlier this month when he announced at the Berkshire Hathaway shareholders meeting in Omaha, Nebraska, that his almost 60 -year -old career as CEO was finishing. Buffett’s successor, Greg Abel, 62, will take the reins on January 1, 2026, thought Buffet will continue as president or Berkshire Board.
Buffett revealed his decision to resign as CEO in the last five minutes of a five -hour question and answers session. Now, new details have come to light on why Buffett decided to pass the torch to Abel, and has to do with his age.
“How do you know the day you get old?” Buffett told him The Wall Street Journal In an interview on Wednesday. “I really didn’t start to get older, for some strange reason, until I was about 90 years old. But when you start aging, it becomes irreversible.”
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Buffett told the WSJ that, in recent years when he crossed his 90th birthday, he had begun to feel the effects of his age. He had trouble remembering names and seemed more diffusion to read newspapers, which suddenly seemed to have a unclear text message.
Buffett was born in Omaha in 1930 and Tok Control or Berkshire Hathaway, then textile manufacturer, in 1965, when he was only 34 years old. He became CEO and president of the company in 1970 and turns 95 in August.
Berkshire Hathaway president Warren Buffett. Photo by Daniel Znnchik/Wireimage
Buffett told him WSJ That he never intended to be Berkshire’s CEO for life and was “surprised” for how long his mandate had lasted. He also observed that his days had slowed down, while Abel brought more energy to the table and achieved a work day for a longer duration.
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“The difference in the energy level and how much hears [Abel] I could achieve on a 10 -hour day compared to what it could achieve in a 10 -hour day, the difference became increasingly dramatic, “Buffett said WSJ.
Buffett said Abel was “much more effective” in the management of daily operations in Berkshire that “it was unfair, really”, not to serve as CEO.
Abel joined Berkshire in 1999 after the firm acquired Midamerican Energy Holdings, an energy company where he served as an executive. Buffett made the vice president of Abel Berkshire or the operations not sure in 2018. At a shareholders meeting in 2021, Buffett revealed that Abel successfully successful it as CEO.
Buffett told him WSJ That he plans to continue working in Berkshire and says that his health is in good shape.
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Warren Buffett, 94, surprised investors earlier this month when he announced at the Berkshire Hathaway shareholders meeting in Omaha, Nebraska, that his almost 60 -year -old career as CEO was finishing. Buffett’s successor, Greg Abel, 62, will take the reins on January 1, 2026, thought Buffet will continue as president or Berkshire Board.
Buffett revealed his decision to resign as CEO in the last five minutes of a five -hour question and answers session. Now, new details have come to light on why Buffett decided to pass the torch to Abel, and has to do with his age.
“How do you know the day you get old?” Buffett told him The Wall Street Journal In an interview on Wednesday. “I really didn’t start to get older, for some strange reason, until I was about 90 years old. But when you start aging, it becomes irreversible.”
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