Photographer: Tomohiro Ohsumi/Bloomberg
Jan. 23 (Bloomberg) -- Billionaire Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., and U.S. Representative Scott Rigell,
Warren Buffett, the chief executive officer of Berkshire Hathaway Inc. (BRK/A) since 1970, told shareholders that the board has decided on his eventual replacement.
Directors are “enthusiastic about my successor as CEO, an individual to whom they have had a great deal of exposure and whose managerial and human qualities they admire,” Buffett said today in his annual letter, without identifying the person. “When a transfer of responsibility is required, it will be seamless.”
Buffett, 81, is under pressure to demonstrate Berkshire is prepared for a transition. The stock trailed the Standard & Poor’s 500 Index last year as Buffett was pushed to apologize for his oversight of David Sokol, a former manager. Sokol, once considered a possible successor, left the company in April and was accused by Berkshire of violating its insider trading policies... read more.
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