Buffett successor not named

Warren Buffett, head of Berkshire Hathaway, announced that his successor has been chosen, but wouldn't say who it is.

Buffett, 75, said in his annual letter to shareholders of Berkshire Hathaway Inc., his Omaha-based holding company, that he and his fellow directors had considered three Berkshire executives to take over if he "should die tonight." He said one of the three was chosen unanimously to succeed him as chief executive.

Buffett's 40 percent share of Berkshire, worth more than $40 billion, will eventually all go to charity.

In the letter to shareholders, Buffett acknowledged with wry candor that death wasn't the only circumstance in which he would have to be replaced. He said he is relying on his board to show him the door if his abilities ebb as he ages, "particularly if this decay is accompanied by my delusionally thinking that I am reaching new peaks of managerial brilliance."