Thousands of faithful followers faced billionaire Warren Buffett on Saturday at the Berkshire Hathaway Inc. annual meeting, learning about the company's latest acquisition but not getting much information about his chosen successor.
Buffett mentioned in his annual letter to shareholders in March that the company board had chosen the person who eventually will succeed him, but the company has not said who that might be.
Early in the six-hour gathering Buffett likes to call "Woodstock for capitalists," vice chairman Charlie Munger said shareholders should have much more important things to worry about than whether the company will struggle after Buffett is gone.
Munger told the crowd of about 24,000 people that Buffett has done such a great job of establishing the Berkshire's culture that there shouldn't be problems.
"Do you really think he's going to blow it when it comes time to pass it on?" Munger said.
Buffett, who has given no indication he plans to step down, said no formal training for the succession is necessary because the three Berkshire executives who he's said would be capable chief executives are already part of the company's culture. They already understand the importance of integrity, character and treating shareholders like partners, he said.
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Buffett mentioned in his annual letter to shareholders in March that the company board had chosen the person who eventually will succeed him, but the company has not said who that might be.
Early in the six-hour gathering Buffett likes to call "Woodstock for capitalists," vice chairman Charlie Munger said shareholders should have much more important things to worry about than whether the company will struggle after Buffett is gone.
Munger told the crowd of about 24,000 people that Buffett has done such a great job of establishing the Berkshire's culture that there shouldn't be problems.
"Do you really think he's going to blow it when it comes time to pass it on?" Munger said.
Buffett, who has given no indication he plans to step down, said no formal training for the succession is necessary because the three Berkshire executives who he's said would be capable chief executives are already part of the company's culture. They already understand the importance of integrity, character and treating shareholders like partners, he said.
Read the complete report
