Warren Buffett can’t say exactly when she decided to pass the Berkshire Hathaway command to Greg Abel. But in recent years, he realized how energy his successor put on each day of work and how his own rhythm had slowed. The two operated at different speeds and this difference only increased.
“There was no magical moment,” Buffett, now 94, told Wall Street Journal. “How do you know the day you get old?”
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He began to lose his balance occasionally and sometimes forgot names. In the last year, these signs consolidated a decision. On May 3, during Berkshire’s annual meeting, Buffett surprised the investment world by announcing that he will leave the position of CEO in December, making room for Abel. He will continue as Chairman of the Board, with no deadline to leave this function.
Abel, 62, entered Berkshire in 1999, with investment in Midamerican Energy in Iowa. Impressed with his results in the sector, Buffett promoted him to vice president in 2018, putting him ahead of non-insurance operations. In 2021, he was officially chosen as a successor.
“True talent is rare,” said Buffett. “It’s rare in business. It’s rare in capital allocation. It’s rare in almost every human activity.” According to him, the difference in the energy level and how much each one could do on a 10 -hour day was getting clearer and clearer.
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Few expected to hear this in 2025. Many thought that Buffett would only leave office with death. But he claims he never saw himself as CEO lifetime. “I thought it would stay in office while it was more useful than any other. And it surprised me how long it lasted.”
Even leaving the role of CEO, Buffett intends to continue working.
He took control of Berkshire at 34 in 1965. Over time, he turned a difficulty in an empire. The company operates insurance, energy, railroad and brands such as Dairy Queen and Duracell, as well as having actions from Apple and American Express.
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