Fast forward 13 years and the process this time was also not ideal. Abel and most of the board didn’t know Buffett was planning to make the bombshell announcement at Berkshire’s annual meeting. Buffett said his kids—Susie and Howard—were the only directors informed in advance. It’s never easy to replace yourself, which is why succession is a job for the board, not the CEO. At least the guessing game is finally over. For a man who’s done so much right over his career, it’s good to finally have a clear succession plan.
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Contact CEO Daily via Diane Brady at diane.brady@fortune.com
