Warren Buffett writes in his annual letter to shareholders that the company's board is "enthusiastic" about a person it has chosen to eventually take over as CEO of Berkshire Hathaway.
But Buffett does not name that person, saying only that it's "an individual to whom they have had a great deal of exposure and whose managerial and human qualities they admire." There are also "two superb back-up candidates."
Previously Buffett has said there were three internal candidates for the job and that the board knew who it would go to if Buffett, 81-years old, suddenly died or became incapacitated.
Buffett predicts that "when a transfer of responsibility is required, it will be seamless, and Berkshire's prospects will remain bright." He doesn't expect this to happen soon: "Do not, however, infer from this discussion that Charlie and I are going anywhere; we continue to be in excellent health, and we love what we do."
Buffett implies that new portfolio managers Todd Combs and Ted Weschler will eventually take over Buffett's role as chief investment officer, writing that they have "the brains, judgment and character to manage our entire portfolio when Charlie (Munger) and I are no longer running Berkshire."
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