Billionaire CEO of Berkshire Hathaway Inc, Warren Buffett, told investors on Saturday that he has found his successor, hinting further that the person is a young employee or director within the company.
In his annual letter to Berkshire shareholders, he wrote: “Both the board and I believe we now have the right person to succeed me as CEO – a successor ready to assume the job the day after I die or step down.
“In certain important respects, this person will do a better job than I am doing.
“Our directors believe that our future CEOs should come from internal candidates whom the Berkshire board has grown to know well,”
“Our directors also believe that an incoming CEO should be relatively young, so that he or she can have a long run in the job,” he wrote
Buffett said Berkshire will operate best if its CEOs average well over 10 years at the helm, noting: “It’s hard to teach a new dog old tricks. And they are not likely to retire at 65 either – or have you noticed?”
Buffett is 84, while his second-in-command, Charlie Munger, is 91.