Buffett Says Berkshire Has a Successor in Mind

By: ap Email
By: ap Email

OMAHA, Neb. (AP) -- Billionaire Warren Buffett wants Berkshire
Hathaway shareholders to know that the company has someone in mind
to replace him eventually, but he's emphasizing that he has no
plans to leave.

Buffett offered a couple new details about Berkshire's
succession planning in his annual shareholder letter Saturday.
Investors have long worried about who will replace Berkshire's
81-year-old CEO.

Buffett isn't naming the successor. But he says the Berkshire
board is enthusiastic about the executive it has picked. He says
there are two good back-up candidates.

Previously, Buffett had said only that the board had three
internal candidates for the job.

Berkshire has also cleared up some succession questions by
hiring two hedge fund managers. Buffett says those two have the
"brains, judgment and character" to manage Berkshire's entire
portfolio eventually.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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