After nearly six decades at the helm of one of the world’s most influential investment conglomerates, Warren Buffett has decided it’s time. At 94, the legendary investor announced he will step down as CEO of Berkshire Hathaway, formally placing the company’s future in the hands of his long-identified successor, Greg Abel.

The announcement was made during Berkshire’s annual shareholder meeting on May 3, leaving the room stunned. Even Abel himself, along with most of the board (except Buffett’s children Susie and Howard), had no prior knowledge of the decision. In true Buffett style, the move was strategic, deliberate, and reflective of a deeper personal realization.

“I didn’t really start getting old until I was about 90,” Buffett told The Wall Street Journal, “but when you start getting old… it’s irreversible.”

Buffett recounted a pivotal moment of clarity: observing how much more Abel could accomplish in a single workday. “The difference in energy level and just how much [Abel] could accomplish in a 10-hour day compared to what I could accomplish—the difference became more and more dramatic.” He added, “It was unfair, really, not to put Greg in the job.”

The transition has been a long time coming. Abel, currently the Vice Chairman for Non-Insurance Operations at Berkshire, was quietly confirmed as heir apparent in 2021 after a slip by Buffett’s late partner Charlie Munger. Abel’s reputation for diligence, decisiveness, and operational excellence across Berkshire’s vast portfolio made him a natural choice.

Stepping Aside, Not Away

While Buffett is stepping down from the CEO role, he made it clear that he’s not retreating into retirement. “I’m not going to sit at home and watch soap operas,” he quipped. “My interests are still the same.”

He plans to remain deeply involved with the company, supporting Abel where needed, especially during turbulent financial times. “I will be useful here if there’s a panic in the market,” Buffett said. “I don’t get fearful when things go down in price. That really isn’t a function of age.”

Though he won’t be calling the shots, Buffett will still go to the office, invest his time, and offer guidance. His enduring presence, he hopes, will reassure investors. Despite this, Berkshire’s stock slipped 4.7% in the past month after the news broke—a typical market reaction to change at the top.

Abel’s Ascent and the Road Ahead

Greg Abel now faces the monumental task of steering a $1.08 trillion empire forward. One of his most significant challenges: deciding what to do with Berkshire’s massive $350 billion cash pile. “He will have ideas,” Buffett assured.

Abel has already demonstrated his strategic capabilities, particularly through his leadership in expanding Berkshire’s renewable energy portfolio. Under his direction, the company has become the largest regulated utility for wind generation in the U.S., with major operations in Texas, California, and the Midwest.

This green push signals that while Abel may retain Buffett’s principles of value investing and prudence, he’s not afraid to innovate or modernize the firm’s strategy.

A Legacy of Humility and Trust

Buffett’s departure from day-to-day leadership isn’t just a business milestone—it’s a generational one. He has been a fixture of American capitalism, shaping the way people think about investing, leadership, and philanthropy. Currently worth $156.6 billion, Buffett has pledged to give away most of his fortune, a mission that continues in tandem with his business legacy.

“I feel good every day,” Buffett said. “I work with people I love, and they like me pretty well too. We have a good time.” That sentiment—simple, human, and heartfelt—is the true essence of Buffett’s philosophy. Even in stepping aside, he’s leaving behind not just a roadmap, but a mindset.

As Greg Abel prepares to take the wheel, he inherits more than a title—he inherits a culture of trust, prudence, and purpose. The Oracle of Omaha may be passing the torch, but his flame still burns brightly within the walls of Berkshire Hathaway.