A group of investors from Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) want to start proceedings that would force Warren Buffett to reveal his successor. The Billionaire is in investors eyes responsible for the great successes the company as seen. But at eighty one in light of the possibility of illness or retirement the shareholders are nervous as to who will replace the company’s leader. The Berkshire Hathaway board has said that they do have a detailed plan in place to deal witht the departure of Buffet but they were not intent on revealing it. The fact that the information on the company’s strategy for the future is there but is being held from investors seems the greatest point of contention.
Its not just investors who would like to know either. The entire finance world would like to see the person Buffet and the board see as capable of replacing him at the head of Berkshire Hatahaway. The only solid plans were revealed by Buffett himself who said his duties would be split between three separate jobs, a chairman, a CEO, and investment managers. It is the CEO position most are curious about and Buffett has not even named any candidates. Buffet had suggested his own son Howard for the position of CEO. Howard already serves on the board of Berkshire Hathaway.
The proposal for revealing the succession plans came from the representatives of the American Federation of Labour Unions (AFL-CIO). Berkshire Hathaway investors will vote on the proposal at their annual meeting this may. The likelyhood of the resolution passing is difficult to predict though some investors say they will vote against the proposal. Though the details of the succession plans are a contentious matter one thing is certain. There is a strong wish that Buffett lead the conglomorate he founded for years to come.
