Berkshire Hathaway Inc. has decided upon a succession plan forits legendary chief executive, Warren E. Buffett, and said itsinsurance business posted a profit despite more than $3 billion inlosses from three major hurricanes.
On Saturday, Berkshire reported its financial results andreleased a letter to investors on the state of the company andplans for its future.
Mr. Buffett, the company president and chief executive officer,said in his investors' letter and annual report that the BerkshireHathaway board has decided on a successor to replace him if he diesor deteriorates intellectually, "particularly if this decay isaccompanied by my delusionally thinking that I am reaching newpeaks of managerial brilliance."
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