Worldview: Warren Buffett steps down as Berkshire CEO, citing age and confidence in successor Greg Abel

Key topics:Warren Buffett steps down as CEO after feeling his age.Greg Abel chosen for energy, leadership, and investment skill.Buffett remains chairman, plans to stay active at Berkshire..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..By Kerry Lanaghan.At 94, Warren Buffett has decided to step down as CEO of Berkshire Hathaway, marking the end of an era for one of the most iconic figures in American business. In an interview with The Wall Street Journal, Buffett revealed that while no single moment prompted his decision, he had gradually accepted the realities of ageing. Over time, he noticed a growing gap in energy and output between himself and his successor, Greg Abel, who had been designated as his heir in 2021. Buffett acknowledged that while he remained mentally sharp in areas like investment decision-making, physical signs of ageing - balance issues, memory lapses, and reduced reading clarity - became more evident after he turned 90.The announcement, made during Berkshire’s 2025 annual meeting, surprised many, including Abel, who shared the stage with Buffett. Despite longstanding speculation, Buffett had never publicly committed to a timeline for stepping down. He insisted that he remained in the role as long as he felt he was the best person for the job. However, he eventually concluded that Abel’s energy, effectiveness, and managerial skills made him the choice.Abel, 62, joined Berkshire through its 1999 acquisition of MidAmerican Energy and rose through the ranks due to his success in building out the company’s energy division. Named vice chairman in 2018, he has overseen Berkshire’s non-insurance operations. Buffett praised him as a rare talent - both a strong leader and a sound investor - capable of navigating the challenges of Berkshire’s vast and complex portfolio.Buffett will retain his position as board chairman and intends to remain active in the company. He emphasised that while age has slowed some of his physical abilities, his investment acumen remains intact. Confident in Abel’s leadership, Buffett noted that the younger man shares his calm, rational approach to market turbulence. The Abel era officially begins in December 2025, but Buffett has no plans to retire. He will continue working from his Omaha office, maintaining his decades-long passion for the company and its people.(This article is a précis of a piece originally published in The Wall Street Journal and can be read in full here.)

Worldview: Warren Buffett steps down as Berkshire CEO, citing age and confidence in successor Greg Abel

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