Jain, Abel appointments a move toward succession at Berkshire Hathaway: Warren Buffett
11 January, 2018, 00:26 | Author: Samuel Sharp
Also made vice chairman was Gregory Abel leading the company's non-insurance operations, with Abel CEO of Berkshire Hathaway Energy. "They both have Berkshire in their blood".
Abel, who leads Berkshire Hathaway's utility unit, will now oversee all of the conglomerate's non-insurance business operations.
Berkshire Hathaway has promoted two long-serving executives as it contemplates a future without billionaire boss Warren Buffett.
"They are the key figures", Buffett said to CNBC. JPMorgan's Sarah DeWitt described Abel as Buffett's most likely successor, saying he "would be a strong allocator of capital and the earning power of the underlying businesses would remain strong after Buffett", viewing Jain's age as weighing on his chances.
Berkshire has more than 90 operating units including the BNSF railroad, Geico auto insurance, the Dairy Queen ice cream chain, Fruit of the Loom underwear, See's sweets, and a variety of industrial and chemical operations.
To fit Abel and Jain in, Berkshire's board also voted to raise the number of directors to 14 from 12.
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