Billionaire Warren Buffett told CNBC on Wednesday the appointment of two new vice chairs at Berkshire Hathaway is “part of a movement to succession over time.”
In a new development over who might eventually take over for Buffett, the Omaha-based conglomerate announced on Wednesday the appointment of two new vice chairmen. Gregory Abel, 55, will be vice chairman of noninsurance businesses, and Ajit Jain, 66, will be vice chairman of insurance operations.
Buffett, 87, and his 94-year-old longtime partner, Charlie Munger, are staying in their respective positions as chairman and CEO and vice chairman.
The hard-driving Buffett, who has been reluctant to name a successor, said in the past that Berkshire’s board knows who would take over if something were to happen to him. Speculation had centered on Abel and Jain as possibilities.
To accommodate Abel and Jain in their new roles, Berkshire’s board has voted to increase the number of directors from 12 to 14.
Abel joined Berkshire Hathaway Energy Company in 1992 and currently serves as its chairman and CEO. Jain joined the Berkshire Hathaway Insurance Group in 1986 and currently serves as executive vice president of National Indemnity Company with overall responsibility for leading Berkshire’s reinsurance operations.
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