Berkshire Announces Adjustment Of Investment Sector Executives
Berkshire said in a statement on Monday that Cobos, 39, has sent a letter to Castle Point partners to inform him of his decision. As of June 30, 2010, Berkshire's stock market capitalization amounted to more than $50 billion, including Wells Fargo, Coca-Cola and so on.
Buffett said in a statement: "in the past three years, Charles Munger and I have been looking for suitable personnel to join the company, and are responsible for the operation of a considerable portion of Berkshire's portfolio. We are very pleased that Todd (Cobos) can join the company. " Up to now, Cobos himself has not yet commented on the matter.
Buffett, now 80, has previously said that his work in Berkshire will be paid to at least three people when he suddenly dies or retires. One chief executive will manage more than 70 subsidiaries of Berkshire, while one or more investment managers will manage Berkshire's portfolio. Buffett also said his son Howard might be a non executive chairman of Berkshire to inherit the company culture.
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