Berkshire Hathaway Inc. (NYSE: BRK-B) is under Warren Buffett and one of its biggest bets ever was the “All In Bet on America” that Buffett made when we he acquired the Burlington Northern Santa Fe Railroad (BNSF). Now comes word that BNSF President and Chief Operating Officer Carl Ice will become President and Chief Executive Officer on January 1, 2014.
Matthew K. Rose, Chairman and Chief Executive Officer, will assume the role of Executive Chairman. In short, this is a transition from running the company to being the key overseer without daily operational control.
Warren Buffett said, “BNSF’s performance has far exceeded the high expectations I had at the time of Berkshire’s purchase. The combination of Matt’s and Carl’s talents is the perfect arrangement for the future. I consider Berkshire very fortunate to have these men at BNSF’s helm.”
Berkshire Hathaway’s BNSF unit is one of the leading freight transportation giants with 32,500 track miles spanning 28 states and two Canadian provinces.
Carl Ice is shown to have been with BNSF for 34 years. He was also shown to be integral to the development of the company’s operating and marketing plans.
Matthew Rose said, “For over a decade, Carl has worked alongside me, and his assumption of the CEO title is a natural and well-deserved transition. I am pleased for him and the organization, and the continuity he represents as he undertakes the leadership of this role.”
Wednesday’s press release represents that Mr. Rose will continue to work with BNSF’s leadership over the next decade “on the activities supporting BNSF’s strategic positioning for growth and investment, including long-term organizational planning, market positioning and public policy.”
24/7 Wall St. will leave it to you to decide whether or not a decade really means ten more years or not. That is a long time to stay on after retiring.