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Outrage over 2010 BP spill charge dismissal
NEW YORK, Feb. 25 (UPI) -- Warren Buffett, the head of U.S. investment giant Berkshire Hathaway, said the firm had chosen his successor, but he has not said who it is.
Buffett said in a 22-page letter to shareholders he is in "excellent health" and has no plans of "going anywhere."
The Wall Street Journal reported Saturday Buffett's letter points out there were two backup candidates for the job in case the heir-apparent, for some reason, does not accept the job.
The letter said the board at Berkshire Hathaway has had a great deal of "exposure" to the nominal successor, which suggests he or she is someone who already works at the firm.
Berkshire Hathaway is an investment firm that has made Buffett one of the richest men in the country, frequently appearing as No. 1 or No. 2 on the Forbes list of wealthiest individuals.
But he is 81 years old and the company's chairman, chief executive officer and chief investment officer. That makes his successor the heir to possibly many roles, although Buffett has said his work would be divvied up among several individuals when he quits working.
His letter says the transition to a new CEO will be "seamless."
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| Additional Business News Stories | |
BEIRUT, Lebanon, May 22 (UPI) --
The seizure of Syrian oil fields by the al-Nusra Front could accelerate the breakup of Syria amid a reshaping of the Middle East's geopolitical landscape.
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WELLINGTON, New Zealand, May 23 (UPI) --
New Zealand will boost its defense spending from $318 million last year to $583 million in fiscal 2013 thanks to a payback from austerity measures.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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