Is Warren Buffett Dropping Clues On Who Replaces Him? (BRK-A)
Warren Buffett said that the Berkshire Hathaway (NYSE: BRK-A) board would support Ajit Jain as CEO should Jain decide to seek the job.
“He loves what he does, he’s not looking to take my job,” Buffett said yesterday at a news conference in Bangalore. “If he was, the board of directors would probably put him in there in a minute.”
There is much speculation over who will replace Buffett when it is time. The company’s annual shareholder letter stated there are four candidates to succeed the legendary investor, did not name them. In his annual letter last month, Buffett praised Jain, 59, David Sokol and Greg Abel, Burlington Northern CEO Matt Rose, and Geico CEO Tony Nicely.
“Ajit has probably made a lot more money for Berkshire Hathaway than I have,” Buffett said when discussing Jain. “I really feel about him like I would a brother or a son.”
Berkshire stated he role of CEO, chairman, and head of investments will be split when Buffett is gone, either through retirement or death. Currently, Buffett holds all three jobs. Last year, investment manager Todd Combs was hired by Berkshire to help run the company’s portfolio.
Buffett praised the job Jain is doing at Berkshire. “He walked into the office, I think on a Saturday in 1985, and I knew I was looking at, and talking with, someone with incredible talent,” Buffett said. “Over a period of 25 or 26 years, he’s not only excelled at every single task he’s taken on in insurance, but he’s behaved in a way that’s been totally honorable, more than generous throughout that period.”
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