Warren Buffett successor? Berkshire Hathaway CEO elevates two potential contenders

Jain, Abel appointments a move toward succession at Berkshire Hathaway: Warren Buffett

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In an interview on CNBC, Mr. Buffett said the moves represent "a movement to succession over time" but declined to give further specifics on that timing.

Berkshire Hathaway Inc on Wednesday promoted two of its top executives, Gregory Abel and Ajit Jain, cementing their widely viewed status as potential successors to Warren Buffett as the conglomerate's chief executive.

Buffett, 87, and his 94-year-old longtime partner, Charlie Munger, are staying in their respective positions as chairman and CEO and vice chairman.

Abel has been named vice chair of non-insurance operations, and Jain vice chair of insurance operations. "They both have Berkshire in their blood". Speculation had centered on Abel and Jain as possibilities.

Abel is now the CEO of Berkshire Hathaway Energy Company and has been with company since 1992.

Buffett was to talk about the appointments at 7 a.m. CST on CNBC.

Buffett shot down the idea that Abel and Jain would share the CEO post once he's no longer running the company, saying there would be one person in the position but not saying who it would potentially be.

Jain, who joined in 1986, has been serving as executive vice president of Berkshire's National Indemnity Co. and leading Berkshire's reinsurance businesses. 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.

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