© Reuters. BERKSHIRE IS PROMOTING TWO POTENTIAL SUCCESSORS TO WARREN BUFFETT
(Reuters) – Berkshire Hathaway, the company of billionaire Warren Buffett, has promoted Wednesday two of its executives, Greg Abel and Ajit Jain, reinforcing their status as potential successors to the patriarch at the head of the group.
Gregory Abel has been appointed vice-president in charge of non-core insurance activities and Ajit Jain at the same position of the insurance activities. Both make their entrance to the board of directors, including the number of members goes from 12 to 14.
Gregory Abel presides over the subsidiary Berkshire Hathaway Energy, which he had joined in 1992, while Ajit Jain is the executive vice president of the subsidiary National Indemnity Co and responsible for the reinsurance activities of the Berkshire, where he has worked since 1986.
Investors and analysts have long viewed that they are best placed to succeed one day to Buffett for the post of director-general of Berskhire, although Abel is younger than ten years.
Buffett, 87 years of age, and the vice-chairman Charlie Munger, 94 years old, remain for the time being masters of the major decisions of allocation of capital and investment, but Berkshire has always said that the estate would be ready in the event of the resignation, death or inability of its president and CEO.
The deputy of Buffett in terms of allocations, Todd Combs and Ted Weschler, are expected to lead the investments, while Howard Buffett, the son of the boss, is expected to become non-executive chairman of the group.
(Jonathan Stempel in New York, with Aparajita Saxena in Bangalore, Véronique Tison for the French service)