Buffett says he has no worries about his successor

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Associated Press

Posted on May 5, 2014 at 7:01 AM

Updated Monday, May 5 at 7:02 AM

OMAHA, Neb. (AP) — Billionaire Warren Buffett says he's confident that the man who eventually succeeds him as Berkshire Hathaway's chief executive will have the right skills for the job.

Buffett talked about the future of the conglomerate he has built Monday during an interview on CNBC.

The 83-year-old Buffett doesn't intend to retire, but Berkshire plans to eventually replace him by splitting his job into three parts: chief executive, chairman and investment management.

Buffett says one of the key advantages of Berkshire is the fact that money can be shifted between its 80-odd subsidiaries or invested elsewhere to generate the best returns.

He is regarded as one of the best at deciding where capital should be used, but he says Berkshire's board won't pick a CEO that isn't terrific at allocating capital.

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