Warren Buffett, the 94-year-old CEO of Berkshire Hathaway, has announced his retirement, citing age-related physical challenges as the primary reason. Buffett, who has led the company for 60 years, made the announcement in a Wall Street Journal interview, noting that the physical toll of aging has become increasingly apparent. Despite stepping down as CEO, Buffett emphasizes that he remains mentally sharp and intends to continue making investment decisions.

Buffett revealed that he didn't begin to feel old until around the age of 90, but the effects have since become irreversible. He described heartbreaking moments such as losing his balance, forgetting names, and struggling to read newspapers as factors that influenced his decision. He also acknowledged the difference in energy levels and efficiency between himself and his successor, Greg Abel, stating that Abel's ability to accomplish tasks in a day far exceeds his own.

Despite his physical limitations, Buffett affirmed his continued capacity for making sound investment decisions. He plans to remain active in investing and capitalize on market opportunities, particularly during times of market turmoil. He dismissed the notion of a sedentary retirement, expressing his intent to stay engaged in investing and work with his colleagues at Berkshire Hathaway's Omaha office.

Buffett emphasized that it would have been "unfair" not to give Abel the position, as the more years Abel spends in charge, the better it will be for Berkshire Hathaway. Buffett also shared that he feels good daily and enjoys working with loved colleagues. He admitted that he was surprised that he would not be CEO for the rest of his life but also surprised by "how long it went," signaling his intent to stay engaged in investing.

Berkshire Hathaway has grown into a conglomerate worth over $1 trillion on Wall Street under Buffett's leadership. The company's diverse holdings include businesses ranging from Duracell batteries to Geico insurance, as well as shares in companies like Coca-Cola and Bank of America.