Published on 11 January 2018
Berkshire Hathaway promoted Gregory Abel and Ajit Jain to the US$500-billion investment conglomerate’s board as vice chairmen, in a move seen by many as a major step in 87-year-old CEO Warren Buffett’s plans to pass the reins of the company to a successor, according to Reuters.
Abel, the CEO of Berkshire Hathaway Energy, was appointed as Berkshire’s vice chairman for non-insurance business operations, while Jain, Berkshire’s top insurance executive, was appointed as vice chairman for insurance operations.
Buffett will maintain his position as Berkshire chairman and CEO, which he has held since 1965, while Charlie Munger, 94, will remain as vice chairman.
Buffett said that the promotion of Abel and Jain is “part of the movement toward succession” at Berkshire, adding, “They are the two key figures at Berkshire… and have Berkshire in their blood.”
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