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Warren Buffett Has A Successor!

Contributed by mm | March 4, 2006 4:47 PM PST





Now the board of Berkshire Hathaway has a succession plan for the 75-year-old Oracle. While the exact name is still a secret, the news itself did give some peace of mind to investors like me -- I have about $17,000 invested in 6 Class-B shares.

From New York Times:

Warren E. Buffett, Berkshire Hathaway's 75-year-old chief executive, said Saturday that the company's board has selected an executive who will eventually succeed him. He also said fourth-quarter profit rose 54 percent on a gain from the company's stake in the Gillette Company.

The board chose his successor from three internal candidates at Berkshire Hathaway, an insurance and investment company based in Omaha, Mr. Buffett wrote in his annual letter to shareholders. He did not identify the three or discuss the timing of succession.

"Berkshire's board has fully discussed each of the three C.E.O. candidates and has unanimously agreed on the person who should succeed me if a replacement were needed today," Mr. Buffett wrote. "The directors know now and will always know in the future exactly what they will do when the need arises."
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Comments
>>> TT Commented on March 5, 2006

damnit! now the stock is going to jump on monday, and I am buying my shares through sharebuilder on tuesday.



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