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Berkshire agrees on Buffett successor

March 04, 2006
Billionaire investor Warren Buffett on Saturday said Berkshire Hathaway's board of directors has chosen a successor, but he did not name the person or say when the change might happen.

The insurance and investment company also said quarterly profit surged 54 percent, helped by a gain from its stake in Gillette.

Berkshire (NYSE:BRKA - news) (NYSE:BRKB - news) trimmed its bet against the U.S. dollar, but said it is buying more shares in international businesses. It ended the year with $44.66 billion (25.44 billion pounds) of cash, and Buffett said "major acquisitions" are necessary to produce "truly satisfactory gains" in operating earnings.

In his annual letter to Berkshire shareholders, Buffett, 75, said the board designated a successor from among three "reasonably young and fully capable" internal candidates.

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