Buffett says succession at his firm will be smooth

October 22, 2013

OMAHA, Neb. (AP) -- Billionaire Warren Buffett says he doesn't think his son's charity will suffer in the future when Howard Buffett becomes Berkshire Hathaway's chairman because the role shouldn't be time-consuming.

Warren Buffett discussed part of the succession plan for the Berkshire Hathaway conglomerate he leads Tuesday during an interview on Bloomberg television.

Warren Buffett says Howard Buffett would make an ideal chairman to protect the company's culture after he is gone, but the 83-year-old Warren Buffett says the job shouldn't be time-consuming unless there is a problem.

Buffett says there won't be a problem because the board already knows who it would pick to be Berkshire's next CEO and that internal candidate for the job will be terrific.

Buffett has no plans to retire.