Berkshire Hathaway expands board in Buffett succession planning

Jain, Abel appointments a move toward succession at Berkshire Hathaway: Warren Buffett

Jain, Abel appointments a move toward succession at Berkshire Hathaway: Warren Buffett

"Ajit Jain, who runs Berkshire Hathaway Reinsurance, is also believed by many to be a potential successor, although our sense is his age may preclude him".

"The most likely successor in our view, who Warren Buffett regularly praises, is Greg Abel", wrote J.P. Morgan analyst Sarah DeWitt in a note about Berkshire in September of previous year.

The Oracle and Charlie Munger remain in their existing positions.

Buffett, 87, has said he has no plans to retire.

The appointments are sure to raise speculation that Abel or Jain are top candidates to succeed Buffett.

Abel has been named vice chair of non-insurance operations, and Jain vice chair of insurance operations.

"They've both got Berkshire in their blood", Buffett said.

Jain was already leading the insurance and reinsurance operations at Berkshire Hathaway, having joined the Berkshire Hathaway Insurance Group in 1986, holding the role of Executive Vice President of National Indemnity Company and with overall responsibility for leading Berkshire Hathaway's reinsurance operations. Buffett has repeatedly said that Jain has probably made more money for shareholders than he has.

Berkshire Hathaway CEO Warren Buffett said Wednesday that the firm had no interest in jumping on the cryptocurrency bandwagon. 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.

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