AsianFin -- Warren Buffett shocked the investment world by announcing he will step down as CEO of Berkshire Hathaway at the end of the year, handing the reins to long-time successor Greg Abel.

In an interview with The Wall Street Journal published Wednesday, the 94-year-old investing legend offered a candid explanation: “There was no magic moment. How do you know the day that you become old?”

Abel, currently CEO of Berkshire Hathaway Energy and vice chairman overseeing non-insurance businesses, will officially take over as CEO in early 2026. Buffett, however, will remain chairman of the board until his death.

Buffett reflected on the realities of aging, noting that while he didn’t feel old until around age 90, the changes have become more evident in recent years. “When you start getting old, it’s irreversible,” he said, citing signs like reduced balance, trouble recalling names, and difficulty reading the newspaper.

The leadership transition marks the end of an era for Berkshire Hathaway, while signaling continuity through Abel, a trusted lieutenant groomed for years to carry forward Buffett’s legacy.