Buffett adds his 2 potential successors to Berkshire board

Open this

For years, Buffett has said Berkshire had identified several internal CEO candidates who could replace him. Jain joined in 1986 and now serves as Executive Vice President of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations.

"They are the key figures", said Buffett in a "Squawk Box" interview from Omaha.

Other Connecticut subsidiaries include General Reinsurance in Stamford; Duracell in Bethel; Charter Brokerage in Norwalk; H.H. Brown Shoe in Greenwich; and Berkshire Hathaway HomeServices New England Properties in Wallingford.

Also on the show, Buffett's right-hand man, Charlie Munger, also blasted frothiness in bitcoin - and in venture capital funding.

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.

Buffett, who first publicly raised the succession issue more than a decade ago, said he remained in "remarkably good health" and that his health was not a factor in making the announcement, but said "maybe six weeks ago, I just decided, 'Why not now?'"

"I have to face reality", Munger said.

Abel, who grew up in Alberta, Canada, joined Berkshire Hathaway Energy in 1992.

Jain, 66, will be vice chair of insurance operations and is now executive vice president at National Indemnity Company. Yet Buffett says Abel and Jain are the right choices as potential successors. But Greg Abel and Ajit Jain will also become vice chairmen and take on more duties. He now serves as executive vice president of National Indemnity Co.

Related news:

Hot News

isis-killer-beheading-video-story-top Carabao Cup: Arsenal hold Chelsea in semi-final
Jan 11, 2018 - 00:23
Chelsea and Arsenal played to a tiresome 0-0 draw in their Carabao Cup semifinal first leg at Stamford Bridge on Wednesday night. Andreas Christensen fared no better after the interval when the Chelsea defender dived to head over from inside the six-yard box.

isis-killer-beheading-video-story-top Meghan Markle deletes social media accounts ahead of wedding
Jan 10, 2018 - 00:29
Meghan Markle were incredibly touched that you took the trouble to write as you did in connection to their forthcoming Wedding. Now that she's about to become a royal, Meghan Markle has a few more rules to follow in her daily life.

isis-killer-beheading-video-story-top H&M Issues Apology After Running Ad Showing Black Model With 'Monkey' Hoodie
Jan 09, 2018 - 00:27
This is not the first time that a major company has been skewered for using racist or insensitive advertising. As of Monday morning, the clothing giant's website still features the hoodie, but without anyone wearing it.

isis-killer-beheading-video-story-top GoPro shares dive as it cuts staff, exits drone market
Jan 09, 2018 - 00:26
The news comes after word leaked last week that GoPro was about to lay off more than 250 workers from its aerial division. According to CNBC , no sale can be assured, and it's unclear whether anyone has made an offer to buy GoPro .

isis-killer-beheading-video-story-top BBC China Editor Leaves UK Pubcaster In Gender Pay Row
Jan 09, 2018 - 00:25
Ms Gracie has resigned her position in Beijing, but continues to work for the BBC in her former post in their London newsroom. Gracie's letter also shows discontent at how individual cases are being dealt with.

isis-killer-beheading-video-story-top Weather cancels blood drives, Red Cross needs help
Jan 09, 2018 - 00:24
Power Red donors give a concentrated dose of red blood cells during a single donation, allowing them to maximize their impact. Platelets: The clotting portion of blood primarily given to cancer patients during treatment and always in great demand.

isis-killer-beheading-video-story-top James Franco Blocks Tommy Wiseau From Finally Getting His Golden Globes Moment
Jan 09, 2018 - 00:14
Actor Violet Paley took to Twitter during the ceremony on Sunday (7 January) to accuse Franco of trying to force himself on her. At the time, Sheedy called Franco "a attractive , generous man" in a New York Times profile.

Luke Walton, Lonzo Ball downplay latest LaVar Ball criticism
Jan 08, 2018 - 00:54
Walton disregarded the constant criticism coming from his star rookie's father, "I'm fine with it, it doesn't both me". My only concern with any of it is for [Lonzo Ball]. "They're 100% behind and supporting what we're doing".

CNN Cuts Off White House Senior Adviser Stephen Miller, Moves to Commercial
Jan 08, 2018 - 00:52
For Miller, Trump is a "self-made billionaire, who revolutionized reality TV, and who has changed the course of our politics". Mr Wolff, however, maintained that it was not his initial intention to write a book critical of Mr Trump.

isis-killer-beheading-video-story-top North Dakota State takes back FCS title, tops James Madison 17-13
Jan 07, 2018 - 04:38
NDSU finished plus-2 in turnover margin, including two interceptions that both came with James Madison in scoring position. You could feel the air leaving the stadium as the Dukes brought the punting unit out with just over three minutes to play.

LG Introduces Compact 4K Projector That Can Create 150-inch Screen
Jan 06, 2018 - 00:31
Also there is the Auto Cord feature , allowing the cable to quickly wind up so that it makes moving the projector even easier. While they are "heavy, expensive, and hard to install", according to the company, the HU80KA is the opposite of all these.

isis-killer-beheading-video-story-top Jeopardy's Alex Trebek Taking Medical Leave After Brain Surgery
Jan 06, 2018 - 00:26
Production on Jeopardy! has been put on a brief hiatus while longtime host Alex Trebek recuperates from surgery. He said his prognosis is "excellent", and he expects to be back taping " Jeopardy! " shows "very, very soon".

isis-killer-beheading-video-story-top Sony Xperia XA2, Xperia XA2 Ultra, Xperia L images and specifications leaked
Jan 05, 2018 - 12:32
The Xperia XA2 will also feature a 5.2-inch display, while the bigger and the more premium sibling may have a 6.0-inch screen. The Xperia XA2 is listed on GFXBench with a 21MP rear-facing primary camera with support for shooting 4K-resolution videos.

isis-killer-beheading-video-story-top All iPhones, iPads and Mac devices affected by 'Meltdown' and 'Spectre' bugs
Jan 05, 2018 - 12:29
All iPhones , iPads and Mac computers are affected by Meltdown and Spectre bugs, Apple has told users of its devices. The Meltdown and Spectre issues take advantage of a modern CPU performance feature called speculative execution.

isis-killer-beheading-video-story-top Egypt: hot air balloon crashes, killing 1 tourist
Jan 05, 2018 - 12:26
Strong winds led to the crash, causing the balloon to veer off course about 45 minutes into the flight, officials said. The Karnak Temple Complex, which dates back to around 2000 B.C., is located within the modern-day city.