In his annual investor letter on Saturday, Buffett said Berkshire's board had identified someone who will replace him as CEO when the 81-year-old investor eventually leaves the post. But he did not identify that person in the letter, and in a CNBC interview on Monday, he rejected suggestions that he should. The public does not know who will be the next CEO of other major corporations, he said, and there is a disadvantage to having a "crown prince" in place. "Well, we have four stocks that we have $45 billion invested in: American Express, Coca-Cola, Wells Fargo and IBM. Every one of those four companies ... has changed management since we bought our shares. I didn't have the faintest idea who the successor of management would be in any of those four, but we've put billions and billions of billions of dollars in there," Buffett said in an interview from the printing plant of the Omaha World-Herald, the hometown newspaper he bought late last year.
Source: Reuters
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