Buffett says his successor will run Berkshire well

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Associated Press

Posted on May 5, 2012 at 2:01 PM

Updated Saturday, May 5 at 3:01 PM

OMAHA, Neb. (AP) — Warren Buffett says his eventual successor as CEO of Berkshire Hathaway will maintain the company's culture and keep key managers of its subsidiaries happy.

Buffett says the successor Berkshire's board has in mind won't do anything to turn off the managers of the 80-odd companies Berkshire owns.

Many of the managers of Berkshire companies are independently wealthy themselves. They work only because they enjoy it, and Buffett largely lets them operate their companies independently.

Buffett says that his successor will be better than he is in many ways.

Berkshire Vice Chairman Charlie Munger says that there is so much momentum within the company that it would be hard for Buffett's successor to change the company.

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