Warren Buffett has appointed two senior executives to the board of Berkshire Hathaway, handing them both responsibility for large parts of the business and lining them up as his likely successors.
Greg Abel, chairman and CEO of Berkshire Hathaway Energy, will be vice chairman of the non-insurance business, while Ajit Jain, executive vice president of the National Indemnity Company, will be vice chairman of the insurance operations.
In an interview with CNBC, 87-year-old Buffett suggested the pair will oversee the subsidiaries in their areas.
"It is part of the movement towards succession," Buffett said. "They are the two key figures at Berkshire."
"They both have Berkshire in their blood," he added.
Berkshire's board has voted to increase the number of directors from 12 to 14 to accommodate the new appointments.
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