Berkshire Hathaway has appointed two new vice-chairmen to its board, raising speculation that one of them will succeed Warren Buffet as chairman and chief executive.
The company increased the number of directors comprising the entire Board of Directors from twelve to fourteen. Gregory E Abel and Ajit Jain were elected into the resulting vacancies and Warren Buffett, Berkshire Hathaway’s Chairman and CEO, appointed Abel to Vice Chairman – Non-Insurance Business Operations and Jain to Vice Chairman – Insurance Operations.
“It’s part of a movement toward succession over time,” Buffett said in an interview Wednesday on CNBC. “They are the two key figures at Berkshire…this would’ve made sense five years ago, too.”
Abel joined Berkshire Hathaway Energy Company in 1992 and currently serves as its Chairman and CEO. Jain joined in 1986 and currently serves as Executive Vice President of National Indemnity Company with overall responsibility for leading Berkshire’s reinsurance operations.
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.