Buffett assures Berkshire shareholders of succession plan
Warren Buffett tried to reassure his shareholders that Berkshire Hathaway will be fine once he is gone, but the 77-year-old billionaire offered few new details of the company's succession plan.
By PTI |
OMAHA (US): Warren Buffett tried to reassure his shareholders that Berkshire Hathaway will be fine once he is gone, but the 77-year-old billionaire offered few new details of the company's succession plan.
Berkshire vice chairman Charlie Munger may have done more to reassure the roughly 31,000 shareholders at the company's annual meeting, yesterday.
"Well, we still have a rising young man here named Warren Buffett," Munger said, to which Buffett joked that everyone seems young to the 84-year-old Munger.
Munger continued: "I think we want to encourage this rising young man to reach his full potential."
Buffett said Berkshire would also consider buying businesses in India and China, but laws in those countries would make such a purchase difficult. Berkshire faces limits on how large a stake it can buy in Indian or Chinese companies, making such deals less attractive, Buffett said.
Part of the reason why Michel Paquet and Lorie Armstrong made their second trip to the annual meeting from Calgary, Alberta, is that they're not sure how many more meetings will feature both Buffett and Munger.
To replace Buffett, Berkshire plans to split his job into three parts- chief investment officer, chief executive officer and chairman.
In his letter to shareholders, Buffett said the company's board has three internal candidates for CEO and four external candidates who could take over managing the company's $5 billion stock portfolio and $35.6 billion cash.
Berkshire vice chairman Charlie Munger may have done more to reassure the roughly 31,000 shareholders at the company's annual meeting, yesterday.
"Well, we still have a rising young man here named Warren Buffett," Munger said, to which Buffett joked that everyone seems young to the 84-year-old Munger.
Munger continued: "I think we want to encourage this rising young man to reach his full potential."
Buffett said Berkshire would also consider buying businesses in India and China, but laws in those countries would make such a purchase difficult. Berkshire faces limits on how large a stake it can buy in Indian or Chinese companies, making such deals less attractive, Buffett said.
Part of the reason why Michel Paquet and Lorie Armstrong made their second trip to the annual meeting from Calgary, Alberta, is that they're not sure how many more meetings will feature both Buffett and Munger.
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To replace Buffett, Berkshire plans to split his job into three parts- chief investment officer, chief executive officer and chairman.
In his letter to shareholders, Buffett said the company's board has three internal candidates for CEO and four external candidates who could take over managing the company's $5 billion stock portfolio and $35.6 billion cash.
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