Berkshire Hathaway Lifts Director Numbers; Adds Gregory Abel, Ajit Jain To Board

Berkshire Hathaway Lifts Director Numbers; Adds Gregory Abel, Ajit Jain To Board

Berkshire Hathaway Lifts Director Numbers; Adds Gregory Abel, Ajit Jain To Board

Earlier in the day, the chairman and CEO of Berkshire Hathaway told CNBC that he would "never have a position in" cryptocurrencies and said he believes "that they will come to a bad ending". Continuing as a vice chairman is Charles Munger. Jain will oversee all of Berkshire's insurance operations.

He and Charlie Munger, 94, will continue to serve as chairman-CEO and vice chairman, respectively, of the Omaha, Neb. -based company.

"Now when it happens, or how or anything else, I don't know".

Buffett dismissed the idea of a horse race between Abel and Jain for the top job.

Responding to an analyst report that predicted Buffett could run Berkshire for the next 10 years, the Oracle of Omaha said that sounds a bit long without getting anymore specific. He said jokingly, "I wasn't much to start with".

None of the executives was immediately available for interviews.

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Abel, who grew up in Alberta, Canada, joined Berkshire Hathaway Energy in 1992.

But on the stock market today, Berkshire's "B" shares traded 0.1% lower on the news, near 203.

Jain, 66, will be vice chair of insurance operations and is now executive vice president at National Indemnity Company.

While Berkshire remains best known for insurance and reinsurance, the sector generates only about one-fourth of operating results as the company has diversified. "Why in the world should I take a long or short position on something I don't know anything about?"

Todd Combs and Ted Weschler, who are Buffett's investment deputies, are expected eventually to succeed Buffett as Berkshire's chief investment officer. But Greg Abel and Ajit Jain will also become vice chairmen and take on more duties.

Its investments include Geico, the Kraft Heinz Co, Fruit of the Loom and Acme Brick Company, as well as Northern Powergrid subsidiaries, which serve about 3.9 million customers in the UK.

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