Buffett to Name Berkshire Hathaway Successors

Warren Buffett, the billionaire investor, will name three people to succeed him as head of Berkshire Hathaway Inc., the Wall Street Journal reported. Though Buffett, 70, told the paper he has no intention of retiring as chairman and chief executive, recent colon surgery has made him consider the future leadership of Berkshire. Howard Buffett, his eldest son, will become chairman. Louis Simpson, currently head of investments at Geico Corp., Berkshire’s insurance unit, will become director of investments. Although Buffett didn’t reveal the identity of the future chief executive, it probably will be one of three current Berkshire executives: Ajit Jain, Tony Nicely or Richard Santulli. Jain, 49, runs Berkshire’s reinsurance unit. Nicely, 57, is chief executive of Geico. Santulli, 56, runs Executive Jet Inc., which Berkshire bought in 1998. Berkshire’s Class A share shares were unchanged at $57,700 on the New York Stock Exchange. The shares have risen 2.85% this year, beating the 8.12% decline in the Standard & Poor’s 500 index. Buffett said he’s not revealing the identity of the future chief executive because he wants to be able to change his mind.