Warren Buffett Offers a Few New Succession Details

Saturday, 26 Feb 2011 11:50 AM

 

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OMAHA, Neb. (AP) — Warren Buffett has offered Berkshire Hathaway shareholders a few new details about how the company will function once he is no longer running it, but he hasn't significantly altered the succession plan he's outlined before.

The 80-year-old chairman and CEO of Berkshire says in his annual letter Saturday said that investment manager Todd Combs will manage between $1 billion and $3 billion of Berkshire's $158 billion investment portfolio.

Berkshire hired Combs last fall, and Buffett says Combs has the risk aversion, dedication and track record he wants in an investment manager.

Buffett also reminded investors that Berkshire has little chance of matching its past stellar performance because the company is so large.

But Buffett says he's looking for more big acquisitions.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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