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Warren Buffett hints at succession plan

Warren Buffett hints at succession plan

Aleks Vickovich

The ‘Oracle of Omaha’ Warren Buffett has appointed two of his key allies to the board of Berkshire Hathaway in a move that may have long-term implications for the listed investment company.

Berkshire Hathaway’s board of directors has voted to increase the number of directors from 12 to 14, with two heads of company subsidiaries appointed as vice-chairmen.

Mr Buffett has named Gregory Abel, current chairman and CEO of Berkshire Hathaway Energy Company, and Ajit Jain, who is currently executive vice-president of Berkshire Hathaway-owned reinsurer National Indemnity Company, as the new board members.

The company’s famous founder and Berkshire Hathaway vice-chairman Charles Munger will continue in their positions but in an interview with CNBC, Mr Buffett indicated the appointments are part of a broader long-term strategy for the company.

"This is part of a movement toward succession over time," Mr Buffett said. "They've both got Berkshire in their blood.”

However, the 87-year-old equities investment guru said he is still in “remarkably good health”.

He indicated that either Mr Jain or Mr Abel were likely to take on the CEO position once he retires.

 

Warren Buffett hints at succession plan
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