Angela Natividad's Live & Uncensored!

07 May 2007

On Buffett's Succession

Warren Buffett, nurturing gardener of Berkshire Hathaway, is making good-bye preparations. And while he's the first to admit he'd hate to retire, the 76-year-old CEO and chairman is aware the time to descend will come whether he wants to or not.

Details of the retirement are hush-hush but he did mention he'll be trying some hirees on for size in the coming months. The only position explicitly covered is that of chairman, which will be adopted by son Howard Buffett to preserve the Berkshire culture.

Potential shoe-fillers should prepare to be paid by investment performance, not title (read: phantom phallus) size. And if said candidates aren't too keen on Omaha, they can expect to live "wherever they feel best about life. Wherever you can think best, the information is readily available," confirmed Buffett.

Dire topic matter aside, the Oracle of Omaha is chipper. "I feel terrific. You ought to try this peanut brittle," he said during a news conference. A box of candy sat between himself and Charlie Munger, whose role as vice chairman will not be filled.

83-year-old Munger is rolling with that choice in good humour. "I do not need to be replaced," he said. "If you fade away, you do not need to be replaced."

After all that rag the homies moved onto business as usual, mentioning in passing they're over their railroad prejudices, among other things.

I'm fond of Buffett and Munger (something you probably already know about me) and am consequently bummed, though I've often wondered what sort of hell will break loose when the big men leaveth. Glad we're all being practical here.

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