Warren Buffett, the iconic CEO of Berkshire Hathaway, announced his retirement at the age of 94 during the recent shareholder meeting, revealing a succession plan to hand over leadership to Greg Abel starting January 2026. Buffett cited age-related challenges impacting his capabilities, such as memory issues and difficulties in reading. He openly admitted he never planned to be CEO for life, reflecting on his lengthy tenure with surprise. Buffett emphasized Abel's energy and productivity as key factors in his decision to transition leadership, making a case for progressive change within the company.
"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."
"I never intended to be Berkshire's CEO for life and was surprised at how long my tenure had lasted."
"The difference in energy level and just how much he [Abel] could accomplish in a workday is something I recognized and valued."
"As I crossed my 90th birthday, I started feeling the effects of age, including trouble remembering names and difficulty reading newspapers.".
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