Buffett discusses the unthinkable... 'succession'

As thousands of investors poured into Omaha last weekend to attend the Berkshire Hathaway annual shareholder meeting, many pondered the unthinkable... life after Warren Buffett.

The 79-year-old Buffett, who has developed legions of adoring shareholders, has run Berkshire for 45 years. He has transformed it from an ailing textile mill into a multi-billion conglomerate, selling things such as car insurance, ice cream, paint and underwear. As Buffett sat on a stage, eating peanut brittle and fudge, Reuters reports the 'Sage of Omaha' was reassuring shareholders he is healthy, despite a diet he said drives his doctor "nuts". Buffett says Berkshire's succession plans are well prepared. His position would be split, with a chief executive and perhaps three or four c...