Buffett added that he believed the board of directors would be “unanimously in favour of” his recommendation.
“I would still hang around and could conceivably be useful in a few cases, but the final word would be what Greg said in operations, in capital deployment, whatever it might be,” he added.
Buffett transformed Berkshire Hathaway from a medium-sized textile company when he bought it in the 1960s into a giant conglomerate, now valued at more than US$1 trillion and with liquid assets of US$300 billion.
The company on Saturday reported first-quarter profits of US$9.6 billion, down 14 per cent. That works out to US$4.47 per share, also down sharply.
Buffett’s net worth as of Saturday is US$168.2 billion, according to Forbes magazine’s real-time rich list.
Source: CNA
