Age has finally caught up with Warren Buffett. The 94-year-old investment legend recently announced his decision to step down as CEO of Berkshire Hathaway after a remarkable 60-year tenure. In a recent interview with The Wall Street Journal, Buffett attributed the decision to the physical effects of aging he has been experiencing.
“I didn’t really start getting old, for some strange reason, until I was about 90,” Buffett told the Journal. “But when you start getting old, it does become — it’s irreversible.”
As he approaches his 95th birthday in August, Buffett revealed that he occasionally loses his balance and struggles with remembering names. His vision has also become less clear when reading newspapers. This marks the end of an era at Berkshire Hathaway, which Buffett transformed from a failing textile mill into a conglomerate encompassing businesses like Geico Insurance and BNSF Railway. Berkshire shares are currently near record highs, giving the conglomerate a market cap of nearly $1.2 trillion.
Berkshire’s board unanimously voted to appoint Greg Abel, currently vice chairman of non-insurance operations, as president and CEO starting January 1, 2026, while Buffett will remain as chairman. Despite stepping down, Buffett insists he remains mentally sharp for investment decisions. Known for capitalizing on market turmoil and depressed prices, Buffett stated, “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.” He added, “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.”
— new from CNBC