Berkshire Hathaway Has Successor In Mind, Buffett Says

02/25/2012 10:04 am ET

OMAHA, Neb. -- Billionaire Warren Buffett wants Berkshire Hathaway shareholders to know that the company has someone in mind to replace him eventually, but he's emphasizing that he has no plans to leave.

Buffett offered a couple new details about Berkshire's succession planning in his annual shareholder letter Saturday. Investors have long worried about who will replace Berkshire's 81-year-old CEO.

Buffett isn't naming the successor. But he says the Berkshire board is enthusiastic about the executive it has picked. He says there are two good back-up candidates.

Previously, Buffett had said only that the board had three internal candidates for the job.

Berkshire has also cleared up some succession questions by hiring two hedge fund managers. Buffett says those two have the "brains, judgment and character" to manage Berkshire's entire portfolio eventually.