Warren Buffett’s next top pick is his successor

By MARTIN FLANAGAN
Published on 27/02/2012 00:00

LEGENDARY stock picker Warren Buffett has chosen his successor at investment group Berkshire Hathaway – but the “Sage of Omaha” has kept investors guessing as to his or her identity.

Buffett, 81, wrote in his annual letter to shareholders: “Your board is enthusiastic about my successor as CEO, an individual to whom they have had a great deal of exposure and whose managerial and human qualities they admire.”

It came as Berkshire Hathaway revealed that its net earnings fell to $10.7 billion (£6.7bn) from $12.9bn. Buffett said investments were hit by the US housing market slump, which he had predicted would recover in 2011. “I was dead wrong,” he admitted.

No date has been given for Buffett stepping down.