Buffett, who recently announced he has prostate cancer, said at the company's annual meeting his successor as chief executive officer also will have the responsibility of "chief risk officer" with a sharp eye on finding good companies that will produce solid long-term returns.
Buffett told the audience the new CEO would also have to have the sharp negotiating skills that will enable Berkshire Hathaway to strike large-scale deals that will pay off for stockholders, CNBC said.
The idea of who will step into Buffett's shoes is a high-priority topic of discussion at this year's annual meeting, The Wall Street Journal said. Although Buffett is in no immediate danger from his cancer, he is 81 years old and Berkshire Hathaway share prices have eroded as the U.S. economy struggles.
Still, Berkshire Hathaway continues to make money and the company leadership has come out against a proposal to publicly lay out its succession plan.