Buffett adds his 2 potential successors to Berkshire board

Ajit Jain is executive vice president of National Indemnity Company

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.

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