April 18, 2012 in Business

Buffett reveals he has cancer

Associated Press
Associated Press photo

Warren Buffett said Tuesday that he has been diagnosed with prostate cancer.
(Full-size photo)

OMAHA, Neb. – Warren Buffett told his company’s shareholders in an open letter Tuesday that he has been diagnosed with early-stage prostate cancer.

The 81-year-old billionaire investor and CEO of Berkshire Hathaway Inc. said his condition is “not remotely life-threatening” or debilitating. He said he and his doctors have decided on a two-month treatment plan that is to begin in mid-July.

“I feel great – as if I were in my normal excellent health,” Buffett said in the letter. “And my energy level is 100 percent. I discovered the cancer because my PSA level (an indicator my doctors had regularly checked for many years) recently jumped beyond its normal elevation and a biopsy seemed warranted.”

Buffett said he was diagnosed April 11 and has received tests including a CAT scan, a bone scan and an MRI.

Buffett is known for a no-nonsense approach to investing. He is one of the world’s richest men and, in recent years, has become one of its most generous philanthropists.

Buffett’s stake in Berkshire Hathaway was worth more than $43 billion as of December.

He told shareholders in February that Berkshire’s board has chosen someone to succeed him as CEO – someday – and he said there are two backup candidates.

None of the three has been identified.

Buffett said then that last year’s departure of a top executive, David Sokol, did not affect the board’s choice for successor.

Buffett has said Berkshire plans to split his job into three parts with a CEO, a chairman and several investment managers. And he has said his son Howard, a member of Berkshire’s board, would make an ideal chairman.

The AFL-CIO, as a major investor, has proposed that Berkshire shareholders be able to vote at their annual meeting in May on whether the company should be compelled to disclose more specifics about its succession plan.

Berkshire owns more than 80 companies, including clothing, furniture, brick and jewelry firms. Its insurance, railroad and utility businesses typically account for more than half of its net income. It also has major investments in such companies as American Express Co., International Business Machines Corp., Washington Post Co. and Wells Fargo & Co.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

There is one comment on this story. Click here to view comment >>

Get stories like this in a free daily email