"I only began to feel old when I turned 90."

On the 3rd (local time), at the Berkshire Hathaway annual shareholders meeting held in Omaha, Nebraska, USA, a Squishmallow resembling Warren Buffett, Chairman of Berkshire Hathaway, and Charlie Munger, former Vice Chairman, was exhibited. Photo by Reuters Yonhap News

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'The Oracle of Omaha,' Warren Buffett, Chairman of Berkshire Hathaway (94), has opened up about his decision to step down from the CEO position this December.

In an interview with the Wall Street Journal (WSJ) on May 14 (local time), Buffett said there was "no special trigger" for his retirement. However, he admitted that over the past few years, he has noticeably felt his energy levels decline. He sometimes started to lose his balance and, at times, struggled to recall people's names. At some point, he said, the newspaper he was reading began to appear as if it had been printed with too little ink.

He stated, "Once you start getting old, it's irreversible." He explained that this realization became more concrete over the past year, eventually leading to his decision to step down as CEO. This conviction grew stronger as he closely observed Vice Chairman Greg Abel (62). While the aging Buffett increasingly felt the effects of age, Abel approached his work with tireless passion and delivered remarkable results.

Buffett said, "The gap between the amount of work Abel accomplished and what I accomplished during our 10-hour workdays kept widening," and added, "He has been much more effective at helping people, making the right personnel decisions where needed, and leading the company."

Ultimately, at the shareholders meeting, Buffett announced that he would hand over the CEO position to Abel, Vice Chairman of Berkshire's non-insurance businesses, this December.

However, Buffett will remain as Chairman of Berkshire's board of directors and did not specify when he would step down from that role. He said, "My health is generally fine, and I still come to work every day to be with people I like," adding, "I still have the will to keep working."

The building housing Berkshire Hathaway headquarters where the annual shareholders meeting was held on the 3rd (local time). Photo by Reuters and Yonhap News

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Many expected Buffett to remain CEO of Berkshire for the rest of his life. However, he said, "I always thought I would remain in the position only as long as I felt I was more useful than anyone else as CEO, and I never imagined I would stay in the role this long."

Although he is stepping down as CEO, Buffett expressed confidence that he still possesses his investment judgment. He said, "I can make the same decisions now as I did 20, 40, or even 60 years ago," and added, "Even when the market is gripped by fear, I don't feel afraid. That has nothing to do with age."

He also praised Abel, his chosen successor, for having a similar temperament. Buffett said, "Abel has a clear sense of where capital should go."

The Abel era will officially begin in about eight months, starting in December. However, Buffett said he will continue to commute to the Omaha office and fulfill his role as Chairman. "I don't want to sit at home watching dramas. My interests remain the same."