One of the richest people in the world - 94-year-old Warren Buffett, decided to step down from his post as CEO of the holding company Berkshire Hathaway due to advanced age, the signs of which, according to him, he did not feel until the age of 90.
“I thought I would remain CEO as long as I thought I was more useful than anyone else“, Buffett told The Wall Street Journal. “I'm surprised how much time has passed.“
Buffett said that “for some strange reason, I didn't start getting old“ until he was 90. “However, once you start getting old, this process becomes irreversible.“ - added the investor.
In recent years, Buffett has noticed difficulties in his work. Sometimes he had difficulty remembering a person's name, and the letters in the newspaper seemed too small and illegible to him.
Speaking of his successor, the company's vice president, Greg Abel, he noted that he was "much more effective in achieving the goals set and making changes in management where necessary". "It would be unfair not to put Greg at the helm," Buffett said.
In 1965, Buffett acquired a controlling stake in the almost bankrupt textile company Berkshire Hathaway and turned it into a holding company that manages the assets of companies operating in various fields. Among them are leading American banks and equipment manufacturers. Buffett is one of the five richest people in the world, with Forbes estimating his fortune at $168.2 billion. The billionaire announced his choice of Abel as his successor back in 2021.