Economy

Berkshire adds 2 top executives as directors, fueling speculation about Buffett's successor

Berkshire adds 2 top executives as directors, fueling speculation about Buffett's successor”

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 Omaha-based company said Gregory Abel and Ajit Jain, both of whom have been with Berkshire entities since the 1990s, have been elected as board members.

Gregory Abel and Ajit Jain can now probably be thought of as the official likely successor (s) to Warren Buffett, after Berkshire Hathaway (BRK.A, BRK.B) adds them to the board.

Abel is chairman and CEO of Berkshire Hathaway Energy Co.

The appointments are sure to raise speculation that Abel or Jain are top candidates to succeed Buffett. Jain joined the Berkshire Hathaway Insurance Group in 1986 and now serves as executive vice president of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations. Jain is being appointed vice chairman of insurance operations.

While Berkshire remains best known for insurance and reinsurance, that sector now generates only about one-fourth of operating results as the company has diversified.

Berkshire Hathway expanded its board of directors to 14 members from 12.



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