Berkshire Hathaway’s Profits Rise 17% as Warren Buffett Prepares to Step Down as CEO

WASHINGTON – MARCH 13: Warren Buffett, chairman and CEO of Berkshire Hathaway Inc., participates in a panel discussion, “Framing the Issues: Markets Perspectives,” at Georgetown University March 13, 2007 in Washington, DC. Treasury Secretary Henry Paulson hosted the “Treasury Conference on U.S. Capital Markets Competativeness,” a day-long program to focus on capital market issues like regulation, competition and other related topics. (Photo by Chip Somodevilla/Getty Images)

OMAHA, Neb. (AP) — Warren Buffett’s company’s profits improved 17% thanks to a relatively mild hurricane season and more paper investment gains this year as Berkshire Hathaway continues to prepare for the legendary 95-year-old investor to relinquish the CEO title in January. But last month’s $9.7 billion investment in OxyChem won’t do much to diminish the $381.7 billion cash pile that Berkshire was sitting on at the end of September even though it is the biggest deal the company has made in years. The biggest thing on most investors’ minds right now is that Buffett Vice Chair Greg Abel is set to succeed Buffett as CEO in January although Buffett will remain chairman