The Berkshire Hathaway CEO recently announced his retirement at the company’s AGM earlier this month. Handing over the reigns to Greg Abel, Warren Buffett told the WSJ that he can’t single out the instance when he decided to do so. He pondered upon “How do you know the day that you become old?” reiterating that there was no perfect “moment” that led to his retirement at 94. Also called the “Oracle of Omaha”, Buffett has always faced the question after six decades that how can anyone replace him – by stakeholders and onlookers alike.
As dynamism took over the need for legacy, Buffett’s signs of aging took the forefront too. In the interview he revealed that he had trouble recalling names and his eyesight became a little weak for newsprint. The announcement came not just out of necessity, but from a place to steer the 400,000 employee ship to a new direction.
“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 said. “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.”
What’s next for Buffett?
While Warren Buffett will continue his position as the Chairman on the Berkshire board, he gave no evident timeline of this role. However, “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.”
Resilient at 94 he said, “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 told the Journal. “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.” Remarking with humour he said that his interests are still the same and we won’t be watching “soap operas” at home, expressing his intent to still show up to the Omaha office.
The era of Greg Abel
Warren Buffett spoke highly of his successor, Greg Abel and the energy he brought to work. “It was unfair, really, not to put Greg in the job,” he added. “The more years that Berkshire gets out of Greg, the better.” Abel, now 62, joined Berkshire Hathaway in 1999. Promoted to vice-chairman in 2018, he was next in line to become CEO since 2021.
Today, Berkshire Hathaway holds a massive segment of Apple and American Express in its stock portfolio. With immense global credibility, the company is a testament to Warren Buffet’s six decades as the CEO. Commenting on the stark difference in the energy difference between his and Abel’s, Warren Buffett showed true trust in Greg’s “rare talent”.