Billionaire investor Warren Buffett says Berkshire Hathaway's plan to replace him eventually hasn't really changed.
Buffett said on CNBC Monday that the new language he used to describe the succession plan in his annual letter to Berkshire shareholders wasn't a sign of change. The 81-year-old says he was trying to clarify the plan.
He said in his letter released Saturday that Berkshire's board had chosen someone to succeed him as CEO someday, and it has two backup candidates. Previously, Buffett had said only that the company had three internal candidates. None of them have been identified.
Buffett says the board has always had a preferred candidate and two backups
He says last year's departure of a top executive, David Sokol, did not affect the board's choice for successor.