The annual Berkshire Hathaway shareholders meeting held Saturday was a colossal event, which packed hotels and overwhelmed Warren Buffett’s two favorite steakhouses, as over 40,000 people celebrated Buffet’s 50-year run as head of the conglomerate.
Buffett, who is 84, fielded tough questions from journalists, including who would succeed him as chairman and CEO at Berkshire Hathaway. The conglomerate’s market capitalization is estimated to be over $353 billion, and its 60-plus subsidiary companies include GEICO Auto Insurance, Brazil’s 3G Capital, and International Dairy Queen Inc.
Although Buffett did not give hints as to who he had chosen, he did name several qualities his successor would need to have. For starters, Buffett emphasized that the candidate needed to have experience in operations.
“I would not want to put someone in charge of Berkshire with only investing experience and not any operational experience,” he said, explaining that through operations he had gained knowledge that staying only in investments would not have given him. Someone with experience in investing and operations would be ideal, according to the Wall Street Journal’s live blog.
