In a seemingly benign statement in his widely read annual shareholder letter, Warren Buffett, 75, announced that Berkshire Hathaway’s board of directors had designated a successor from among three “reasonably young and fully capable" in-house managers.
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The usually coy Buffett didn’t reveal who it was that was that would replace him or when it would happen.
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It is probably not something that will happen too soon as last month he announced that he was leaving Coca-Cola’s board to dedicate more time to running
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Buffett gave the directors a thumbs-up as he said "The directors know now — and will always know in the future — exactly what they will do when the need arises, and while we are on the subject, I feel terrific."
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He also added that the candidates that were considered for the job had nowhere near his investment experience and as a result would hire someone else to handle that area of the business.
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A number of analysts and investors have said that the successor was probably one of the following five candidates.
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1. Joseph Brandon, who manages reinsurer General Re Corp
2. Ajit Jain, who directs National Indemnity Co. and additional reinsurance businesses
3. Tony Nicely, head of auto insurer Geico Corp.
4. Rich Santulli, who runs NetJets Inc.
5. David Sokol who guides utility owner MidAmerican Energy Holdings
No matter who it is that gets it, they will have tough shoes to fill.
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