Warren Buffett looks for a successor Family
Who will succeed? That is the question to 150 billion dollars – the value of its holding – that everyone asks about Warren Buffett, the guru of American finance, 79 years old, second wealthiest world. This week his company Berkshire Hathaway was appointed Member of the Board Stephen Burke, the number two U.S. cable operator Comcast, which just bought NBC Universal.
At 51, Burke will be part of the young guard of that noble assembly of twelve people, half of which has more than 70 years and four members over 80. It will sit alongside Bill Gates (54), a former head of Coca-Cola (whose capital is the largest shareholder), Donald Keough (83), Charles Munger (85), right arm Buffett and Howard Buffett, eldest son of the "Oracle of Omaha". The latter, who just turned 55, is a philanthropist, photographer and farmer in his spare time.It has been designated as future president of the board, which does not mean he would succeed his father as head of investment holding.
Found this gem is also the main task, according to Warren Buffett, the board of directors. "Nothing is more important: nobody can say where I'll be the day", he justified in an interview in March. At the general meeting of the company in May, he had been pressed by shareholders to disclose the name of a successor.
Stephen Burke, the newcomer, a veteran of Disney, "is an expert in the business, mindful of the interests of shareholders and very interested in Berkshire," Buffett said. He could follow his professional development has long been the father of Stephen, Daniel Burke, had been head of Capital Cities / ABC, a major investment success of Berkshire Hathaway in the 1990s."It's how to do everything Buffett family," said Jeff Matthews, author of a book on finance.
Year tormented
Still active, Warren Buffett has once again assign a block of shares in the credit rating agency Moody's, whose reputation has been tainted by the financial crisis, cutting its stake from 34% since June In early November, he was surprised by launching a takeover bid to $ 26 billion on rail freight company Brulington Northern Santa Fe has also recently invested in ExxonMobil, Nestl? and doubled its stake in Wal-Mart.
Investors scrutinize any decision papy finance to learn about the crisis. However, his company completed one years tormented.If it posted earnings much better than expected in the third quarter of $ 3.2 billion, three times more than the year before, she had begun the year in the red. Affected by the financial crisis, the group had experienced a loss of 1.5 billion dollars in the first quarter, came close a grim series of six quarters of decline. Over the year, the action Berkshire Hathaway has grown by only 2%.