Warren Buffett breaks silence on retirement: 'I didn't start getting old until I was about 90'

Summary

Warren Buffett, 94, told the Wall Street Journal in an exclusive interview that he is stepping down as Berkshire Hathaway CEO in December and handing control to Greg Abel. Buffett said he did not experience aging until his 90th birthday. Since then the decline has been irreversible. He has begun losing his balance occasionally, sometimes forgetting people's names, and finds newspapers increasingly difficult to read due to poor ink contrast.

The deeper reason for the move came from observing Abel at work. Buffett noticed a significant energy gap between them. Abel brings consistent vigor to each day while Buffett's own capacity has slowed measurably. Over a 10-hour workday, the difference in what Abel could accomplish versus what Buffett could accomplish became "more and more dramatic," according to Buffett. Abel proved more effective at driving management changes, helping people, and executing broadly across the business.

Buffett framed the succession as fairness to the company. "It was unfair really not to put Greg in the job," he said. The more years Berkshire gets out of Abel in the role, the better. Buffett announced the move on May 3rd during the Berkshire annual meeting. The stock dropped in response because investors had not fully priced in the transition despite Buffett's age.

Buffett announced the move in December rather than immediately, giving the market and the business time to adjust. The decision reflects his lifelong focus on shareholder value, even when it means stepping aside from a role he has held for decades.