Published: Thu, January 11, 2018
Markets | By Terence Owen

Berkshire Hathaway announce two new posts as part of succession plans

Berkshire Hathaway announce two new posts as part of succession plans

Abel, now chairman and CEO of Berkshire Hathaway Energy, will assume the role as vice chairman of non-insurance business operations.

Warren Buffett spoke with CNBC this morning, and he didn't mince words.

In an interview on CNBC, Buffett called the changes "part of the movement toward succession over time", saying Abel and Jain are "the two key figures" at Berkshire and "have Berkshire in their blood". 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.

Mr Buffett told CNBC that the changes should be nearly imperceptible from the outside.

He later blamed "lethargy, bordering on sloth" for not making the announcements sooner.

Buffett and Charles Munger, Vice Chairman of Berkshire Hathaway will continue in their existing positions.

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Berkshire Hathway expanded its board of directors to 14 members from 12.

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. He now serves as executive vice president of National Indemnity Co.

He said they won't be pitted against each other to step into his shoes.

Mr Buffett's time at Berkshire has vaulted him to the ranks of the world's richest men, with a fortune Forbes estimates at almost $88bn. It's the clearest sign yet of what Buffett will do, after years of speculation.

"I have to face reality", Munger said. "It's more fun than I think I could imagine".

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