Warren Buffett’s Company chooses his successor
Warren E. Buffett, the multibillionaire People and companies whose business ranges from the Geico insurance Dairy Queen restaurants, yesterday announced that his successor was elected.
It does not mean it is.
Buffett, 75, said in his annual letter to shareholders of Berkshire Hathaway Inc., his holding company of Omaha, he and his colleagues and directors in three Berkshire executives to adopt it, if it “must die this evening. ” He said, one of the three was unanimous to his successor as Chief Executive.
After 41 years as chief executive of Berkshire, Buffett there was no sign of plans to retire or extent of its obligations as a new director or investor, two lawsuits have the richest of the second person in the world, after only his friend Bill Gates of Microsoft Corp.. “I feel wonderful,” said Buffett, the investor is an important element in the Washington Post Co. and sitting on its Board of Directors.
To enjoy speculation, on one of the most coveted jobs in America - controlling 66 highly profitable businesses in a wide range of sectors, as well as a $ 73 billion investment portfolio - has become a game for the shareholders of Berkshire and thousands of other Wall-Street-professionals and everyday investors. For shareholders, the question is whether someone else could Buffett’s talent for the selection of companies as sub-schnappte it is based on the desirability of a meeting or call a contractor.
Buffett’s years before the age of his long-time partner Charles Munger, 82, Buffett, the question of succession for the first time in his annual letter shareholders. Writing is not only a long recitation of Berkshire’s performance, but also a rumination expects much from Buffett on new investment strategies, public policy and market risk.
“We have three managers in Berkshire, are quite young and due east of a general nature,” said in the letter from Buffett. “Berkshire Committee discussed in detail each of the three CEO candidates and has unanimously approved an agreement on who should reach me if a replacement was needed today. ”
Speculation that the person focuses mainly on business and leaders within Buffett Berkshire that has most often, for praise. They are Tony Nicely, the Chief Executive circle of countries based on the Geico automobile insurance, Buffett’s choice for enterprises with more than 50 years. Schön, 62, has been CEO for 12 years. In his letter yesterday, Buffett mentioned Nicely in the third paragraph, called “brilliant”.
Four other Berkshire operating managers, the offer was a financial magazine Barron’s: Ulli Sant Richard, CEO of NetJets, which sells pieces of property Corporate Jets, Joseph P. Brandon, chief executive of General Reinsurance Corp., the largest within the insurance division - Berkshire; Ajit Jain, other insurance executive, and David L. Sokol, the chief executive of MidAmerican Energy Co., an Iowa utility based on the largest and non-insurance company in Berkshire.
Gregory J. Skoda, chairman of Skoda, Minotti & Co., he has dozens of companies in the wake Chief Executive, said Buffett is impossible to replace.
“There is more than Warren Buffett,” he said. “The first obstacle [Berkshire filmmakers] have to overcome, it can not expect another of the same person.
And someone comes with Buffett’s Track Record reputation and is not Cakewalk, Skoda said, especially if Buffett decides to stay on the plateau to remain or any other way, in Berkshire, after hearing the reins to a successor .
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