Buffett adds his 2 potential successors to Berkshire board

Bloomberg’s Noah Buhayar discusses why Gregory Abel is a leading contender to replace Warren Buffett

Bloomberg’s Noah Buhayar discusses why Gregory Abel is a leading contender to replace Warren Buffett

In a new development over who might eventually take over for Buffett, the Omaha-based conglomerate announced on Wednesday the appointment of Gregory Abel, 55, as vice chairman of noninsurance businesses, and Ajit Jain, 66, as vice chairman of insurance operations.

Buffett said he would not take a short position on bitcoin futures. "They both have Berkshire in their blood".

Buffett and Charles T Munger, Vice Chairman of Berkshire Hathaway, will continue in their existing positions, including being responsible for significant capital allocation decisions and investment activities. Mr. Buffett added that he remained in good health and enjoyed working, so the promotions shouldn't suggest larger management changes soon. He said jokingly, "I wasn't much to start with".

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For years, Buffett has said Berkshire had identified several internal CEO candidates who could replace him.

"I love what I do", he said.

"I get into enough trouble with things I think I know something about", Buffett explained. Speculation had centered on Abel and Jain as possibilities.

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This move makes the succession plan clear for investors, said Andy Kilpatrick, who has followed Berkshire for years while writing and updating "Of Permanent Value: The Story of Warren Buffett".

The company increased the number of directors comprising the entire Board of Directors from twelve to fourteen. Yet Buffett says Abel and Jain are the right choices as potential successors.

Abel joined Berkshire Hathaway Energy Company in 1992 and now serves as its chairman and CEO.

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Abel joined Berkshire Hathaway Energy Company in 1992 and now serves as its Chairman and CEO.

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