Mr. Buffett shared a few new details regarding Berkshire's succession plan in a letter to shareholders Saturday. Investors have expressed concern for years about who will replace Mr. Buffett as CEO in the future.
Buffett isn't naming the successor, instead keeping his pick secret and anonymous for now. But he stated that the Berkshire board is excited about the executive he has picked. Buffett claims there are two good back-up candidates, who also remain anonymous.
Up until now, Buffett had said only that the board had three internal candidates for the role of CEO.
The company has also cleared up some succession concerns by employing two hedge fund managers. Mr. Buffett says those two have the "brains, judgment and character" to manage Berkshire's entire portfolio eventually. It is not certein when Mr. Buffett or Berkshire Hathaway's Board of Directors will release the names of the prospective successors.
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