Warren Buffett, the world’s second-richest person and CEO of Berkshire Hathaway, said Sunday that Bill Gates’s presence on the board of Berkshire Hathaway Inc. will help to continue the entity’s success story after the resignation of Buffett himself.

“With Bill you’ve got one of the best minds in the world. He’s got a good business mind, and he is interested in things beyond business," said Buffett, chief executive of Berkshire. Due to Buffett’s respectable age (74), comments have begun to appear the Berkshire may lose much of its value when its unique leader steps down.

"You’ve got a person who wants very much to help during my life and beyond my life," Buffett said.
Gates became, through a shareholder vote, a member of Berkshire’s board at the company’s annual meeting on Saturday. The world’s top billionaire has been on the board as a replacement of Buffett’s deceased wife since December.

Buffett said about California Gov. Arnold Schwarzenegger that he is working on the state’s tough financial situation as well as could be expected.

In a press conference, Buffett commented on the insurance industry, saying that insurers were “sensitized” by the investigations into their fraudulent practices.