Berkshire Picks Successor for Warren Buffett

The big news out of Warren Buffett's annual letter to Berkshire Hathaway shareholders is that he's finally picked a successor, reports the Wall Street Journal. He's just not saying who it is. Buffett, 81, also wrote that he is in "excellent health" and "isn't going anywhere" anytime soon. The lack of a definitive successor had been a worry for investors the last few years, notes the Journal. Buffett said the company has two back-up options if choice No. 1 doesn't take the job. Read the letter here. (More Warren Buffett stories.)