Warren Buffett reveals the heartbreaking real reason he’s stepping down from Berkshire Hathaway

Warren Buffett admitted that he only started to ‘become old’ when he hit the age of 90 which led to the Wall Street legend finally stepping down from Berkshire Hathaway at 94.

Earlier this month, the ‘Oracle of Omaha’ attracted gasps and then a standing ovation when he broke the news during the annual meeting of his firm.

Buffett gave no specific reason when he announced his departure, merely endorsing long-time chairman Greg Abel as his successor, starting in 2026. 

‘I think the time has arrived where Greg should become the chief executive officer of the company at year end,’ Buffett said. 

However, in a new interview, Buffett admitted that his age was finally catching up to him as he headed toward his mid-90s.

‘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,’ he told the Wall Street Journal. 

He cited heartbreaking moments such as losing his balance, forgetting names and not being able to clearly read newspapers.

Buffett commented that he and his successor Abel had begun to operate at different speeds, with his only getting slower.

Warren Buffett (pictured left) admitted that he only started to ‘become old’ when he hit the age of 90 which led to the billionaire finally stepping down from Berkshire Hathaway at 94

Buffett gave no specific reason when he announced his departure, merely endorsing long-time chairman Greg Abel (pictured right) as his successor

‘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 someplace, but just all kinds of ways.

Buffett said it would have been ‘unfair’ to not give Abel the job because ‘the more years’ he spends in charge, the better for Berkshire Hathaway.

He’s remaining in some capacity at Berkshire and says that despite those senior moments, his health remains good. 

‘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.’ 

Buffett is surprised he won’t be CEO for the rest of his life but also surprised ‘how long it went.’ 

‘I thought I would remain CEO as long as I thought I was more useful than anybody else, in terms of being CEO,’ he said.

‘I’m not going to sit at home and watch soap operas,’ he added. ‘My interests are still the same.’ 

Warren Buffett speaks onstage during Fortune’s Most Powerful Women Summit in 2015

Buffett shocked an arena full of shareholders in early May by announcing that he will retire at the end of the year, bringing the curtain down on a six-decade run leading Berkshire Hathaway that made him the most influential investor in the world. 

He announced the news at the end of a five-hour question and answer period without taking any questions about it. 

Buffett said the only board members who knew this was coming were his two children, Howard and Susie Buffett. 

Abel, who was sitting next to Buffett on stage, had no warning. 

‘I think the time has arrived where Greg should become the chief executive officer of the company at year end,’ Buffett said. 

Abel returned an hour later without Buffett to conduct the company’s formal business meeting, and he responded to the news.

‘I just want to say I couldn´t be more humbled and honored to be part of Berkshire as we go forward,’ Abel said.

Many investors have said they believe Abel will do a good job running Berkshire, but it remains to be seen how good he will be at investing Berkshire’s cash. 

Buffett said it would have been ‘unfair’ to not give Abel (pictured) the job because ‘the more years’ he spends in charge, the better for Berkshire Hathaway

Buffett endorsed him Saturday by pledging to keep his fortune invested in the company.

‘I have no intention – zero – of selling one share of Berkshire Hathaway. I will give it away eventually,’ Buffett said. 

‘The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.’

Thousands of investors in the Omaha arena gave Buffett a prolonged standing ovation after his announcement in recognition of his 60 years leading the company. 

Buffett had such a devoted following among investors that markets would move when his investments were disclosed because so many people copied him. 

In many respects, Abel has already been running much of the company for years. 

But he hasn’t been managing Berkshire’s insurance operations or deciding where to invest all of its cash. 

He will now take those tasks on, but Vice Chairman Ajit Jain will remain to help oversee the insurance companies. 

Buffett waves to the crowd after playing a ukulele while wearing a cowboy hat after answering questions for a crowd inside his new North Texas store for a cancer benefit

Buffett has said that Abel might even be a more hands-on manager than he is and get more out of Berkshire´s companies. 

Managers within the company say they have to be well prepared before talking to Abel because they know he will ask tough questions.

Buffett has warned of dire global consequences from President Donald Trump’s tariffs while telling the thousands of investors gathered at his annual meeting that ‘trade should not be a weapon’ but ‘there’s no question that trade can be an act of war.’

Buffett said Trump’s trade policies have raised the risk of global instability by angering the rest of the world.

‘It´s a big mistake in my view when you have 7.5 billion people who don´t like you very well, and you have 300 million who are crowing about how they have done,’ Buffett said as he addressed the topic on everyone’s mind at the start of the Berkshire Hathaway shareholders meeting.

While Buffett said it is best for trade to be balanced between countries, he doesn’t think Trump is going about it the right way with his widespread tariffs. He said the world will be safer if more countries are prosperous.

Buffett said he just doesn’t see many attractively priced investments that he understands these days, so Berkshire is sitting on $347.7 billion in cash, but he predicted that one day Berkshire will be ‘bombarded with opportunities that we will be glad we have the cash for.’

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