Berkshire’s Warren Buffett has identified his successor
WARREN Buffett has told investors that he has identified a successor to replace him as chief executive of Berkshire Hathaway, but he stopped short of revealing the name.
In his annual letter to Berkshire shareholders, the 81-year old investor insisted he had no intention of stepping down but said the eventual transfer of power “will be seamless”, adding there were two backup candidates as well.
He said the board had picked an individual “to whom they have had a great deal of exposure and whose managerial and human qualities they admire”.
There has long been speculation over who will replace Buffett, who has been at the helm of Berkshire for 47 years.
Though the successor’s name is not known, commentators suggest Ajit Jain, who runs Berkshire’s reinsurance business and is highly praised by Buffett, may be next in line.
The letter also praised Burlington Northern chief Matthew Rose, Geico auto insurance boss Tony Nicely, utility firm MidAmerican’s Greg Abel and reinsurer General Re’s chief Tad Montross.
Berkshire also published its annual results, which showed it ended 2011 with $37.3bn (£23.5bn) cash in hand, even as profits fell in the last quarter.