Berkshire Hathaway expands list of possible Warren Buffett successors
|March 1st, 2011||
|In a regulatory filing on Monday, February 28th, Berkshire Hathaway stated that it was now considering four internal candidates as replacements for 80-year-old CEO Warren Buffett. Plans are to split Buffett’s current duties into three roles: CEO, chairman, and one or more investment managers. |
Although Buffett has no plans to retire, he says the Board of Directors has discussed his succession and has narrowed the candidate list down. According to the Huffington Post, the list is thought to include David Sokol of NetJets and MidAmerican Energy, Ajit Jain from Berkshire’s reinsurance division, and Tony Nicely of Geico. The newest addition to the list is speculated to be Matt Rose, CEO of Berkshire’s recently acquired Burlington Northern Santa Fe Railroad..
The investment management role is one that could be split among multiple managers who would all report to the CEO. Buffett has stated that Berkshire’s board had discussed a list of possible managers, both external and internal, to manage Berkshire’s investments in the future. One possible candidate is Todd Combs, a manager hired last fall to manage between $1 and $3 billion of Berkshire’s total $158 billion portfolio.
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