OMAHA, Neb.--Warren Buffett expects his successor as chairman of Berkshire Hathaway Inc. to come from within the ranks of the Omaha, Neb.-based company.

There are currently four people at Berkshire Hathaway who could fill his shoes, said Mr. Buffett at the annual shareholders meeting of the diversified conglomerate whose units include General Reinsurance Corp.

In response to a question regarding the possibility that Microsoft Chairman Bill Gates would be chosen to head Berkshire Hathaway, Mr. Buffett said that while Mr. Gates--a close friend and bridge partner--could handle the job, "barring something terrible," the next chairman of Berkshire Hathaway would be a Berkshire Hathaway employee. Mr. Buffett did not, however, give any hint as to the identities of the four possible successors.

The annual shareholders' meeting, held Saturday in Omaha, drew about 19,500 people, said Mr. Buffett.