Charlie Munger, Buffett's long-time partner, is reported to have said that Lu was a leading candidate to run a piece of the firm's $100 billion portfolio.

Buffett has reportedly said in the past that he will likely split his current position into at least two different roles – a chief executive officer and a chief investment officer - at Bershire Hathaway. Recently, he said that he has no intention of stepping down in the near future.

"In my mind, it's a foregone conclusion," Munger told the publication, referring to Lu becoming the firm’s chief investment officer.

Lu's style is similar to Buffett's in that he holds a concentrated portfolio of stocks for the long term, the report said.