RISK: Reinsurance exec shortlisted as Buffett’s eventual successor

Successor needs "the ability to fight of ... arrogance, bureaucracy and complacency"

Berkshire Hathaway reinsurance exec Ajit Jain and BH Energy CEO Greg Abel are on the shortlist to lead the company when Warren Buffett, 84, eventually retires, says Vice Chairman Charlie Munger.

“In some important ways, each is a better business executive than Buffett.”

“My successor will need one other particular strength: the ability to fight off the ABCs of business decay, which are arrogance, bureaucracy and complacency,” Buffett wrote in his annual shareholder letter. “When these corporate cancers metastasize, even the strongest of companies can falter.”

Warren didn’t name shortlisted candidates himself, but in 2011, said he would support Jain if he even sought the CEO position.

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Transcontinental Media G.P.