Berkshire Hathaway Chairman Warren Buffett is staying in the chair. But 75-year-old Mr Buffett – whose company’s holding include major reinsurance operations – has assured shareholders there is a clear succession plan.

While Mr Buffett – who’s popularly known as the Oracle of Omaha – says although it is a long time off before he retires, plans have been made in the event of his “decay”.

In his annual letter to shareholders, he says any of the three unnamed managers already identified as possible successors would be better at certain aspects of his role than he is, but he still feels he can carry on in his position.

“Berkshire’s board has fully discussed each of the three CEO candidates and has unanimously agreed on the person who should succeed me if a replacement were needed today,” he said.

“The important point is that the directors know now – and will always know in the future – exactly what they will do when the need arises.”