Sun, 05 May 2013 18:00:00 GMT | By Reuters

Buffett maps out hopes for Berkshire without him

The Berkshire Hathaway chief says even after he is gone, the conglomerate will continue to be a partner of choice for distressed companies


Buffett maps out hopes for Berkshire without him (© Reuters)

Omaha, Nebraska: Warren Buffett on Saturday gave the most extensive comments to date about the future of Berkshire Hathaway Inc after he is gone, saying he still expects the conglomerate to be a partner of choice for distressed companies.

Buffett, 82, also defended his plan to install his son, Howard, who has little investing experience, as nonexecutive chairman, saying the younger man's role would be to ensure that Berkshire had the right CEO in place. During the financial crisis and its immediate aftermath, Berkshire helped prop up a number of companies, among them blue-chips such as General Electric and Goldman Sachs.

Buffett's investments were viewed by many shareholders as a seal of approval from one of the world's most respected businessmen. Short-seller Doug Kass, invited by Buffett to Berkshire's annual meeting on Saturday to offer contrarian points of view, asked whether a successor would have the same heft. Buffett said it would not matter.

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