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