Warren Buffett successor: Berkshire Hathaway CEO says he has now someone in mind to replace him

By on Feb 25, 2012 in Business, United States Comments

Updated: April 18, 2012 4:00 p.m.

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Berkshire Hathaway Inc. CEO Warren Buffett reportedly said that he now has someone in mind to be his successor, with the 81-year old billionaire running the company for the last 44 years.

Warren Buffett in July 2011
Image Credit: Matthew Staver/Bloomberg/Getty Images

As noted at Wall Street Journal (WSJ) on Saturday, February 25, 2012, billionaire Warren Buffett told Berkshire shareholders that day about his idea on who shall replace him in case he retires.

According to the report, Buffett sent a 22-page annual letter to Berkshire shareholders but did not name his suggested successor and noting that he has two good back-up candidates, but stressed out that he is not leaving the company anytime soon.

Apparently, Berkshire investors have been longing to hear Buffett‘s plan as who will be replacing him as the company CEO and have been worrying on its uncertainty although he is still very healthy.

Nevertheless, some speculations revealed that Ajit Jain, who has been currently heads a number of Berkshire‘s reinsurance businesses, has been touted to be a possible candidate as Buffett’s successor.

Meanwhile, Berkshire Hathaway, which is the eighth largest public company in the world as per Forbes Global 2000 list, has reduced its Q4 2011 net income by 30 percent based on Buffet‘s letter in pdf file posted on its official website.

However, Mr. Buffett noted that he and his 88-year old partner, Berkshire‘s Vice President Charlie Munger, still feels good on the achievements of Berkshire last year such as their acquisition of Lubrizol in September for approximately $9.7 billion.

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