Warren Buffett’s annual letter to the company reported the new CEO
Warren Buffett has released the annual letter to the company, Berkshire Hathaway Inc. based in Omaha, Nebraska, on Saturday in which he said about the successor but has not disclosed the name yet. Buffett said that he has no plans to leave the company soon.
Warren Buffett is an 81 years old billionaire, who is running the company for almost half a century.
"Your Board is equally enthusiastic about my successor as CEO, an individual to whom they have had a great deal of exposure and whose managerial and human qualities they admire," he said, adding there were two backup candidates as well.
Ajit Jain could be the next CEO as reported by the experts. Ajit Jain is currently operating the reinsurance business of the Berkshire. Warren Buffett and his partner Charlie Munger praise his work. "Charlie would gladly trade me for a second Ajit. Alas, there is none," Buffett said.
Buffett also reported that recently hired investment managers, Todd Combs and Ted Weschler, would be able to operate the large investment portfolio after Buffett.
"Each will be handling a few billion dollars in 2012, but they have the brains, judgment and character to manage our entire portfolio when Charlie and I are no longer running Berkshire," Buffett said.
"My task is clear, and I'm on the prowl," he said.
On the other hand, the company has reported that its net income fell 30% in the fourth quarter as the paper value of its derivatives decreased. However, many of the subsidiaries performed well. Net income for the fourth quarter is $3.05 billion, or $1,846 per Class A share. This is a decrease from $4.4 billion net income, or $2,656 per share, a year ago.