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The Next Warren Buffett

I’ve always wondered what Berkshire Hathaway would do if the Oracle of Omaha ever surrendered the reigns and today I found out. Warren Buffett is already seventy five and it was reported by the New York Times that a plan of succession was in place for the Nebraska insurance and investment company.

“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.”

While the day Warren Buffett leaves Berkshire will probably be a bad one for the stock, it’s comforting to know that they have a plan in place.

via New York Times [3].