Billionaire Warren Buffett tried to reassure thousands of his faithful followers on Saturday that the eventual transition to a new chief executive for Berkshire Hathaway Inc. will go smoothly, yet he offered few details about his chosen successor.
But shareholders at the annual meeting did learn about Berkshire's latest acquisition and spent hours questioning the company's top two executives.
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.
During the seven-hour gathering Buffett likes to call "Woodstock for capitalists," vice chairman Charlie Munger told the crowd of about 24,000 people that Buffett has done such a great job of establishing 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.
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But shareholders at the annual meeting did learn about Berkshire's latest acquisition and spent hours questioning the company's top two executives.
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.
During the seven-hour gathering Buffett likes to call "Woodstock for capitalists," vice chairman Charlie Munger told the crowd of about 24,000 people that Buffett has done such a great job of establishing 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.
Read the complete article
