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

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He said his company, Berkshire Hathaway, does not own any Bitcoin futures, nor is it taking a short position for Bitcoin or other cryptocurrencies.

"They know each other well, they like each other well, they both have their areas of specialty", he said. Jain joined in 1986 and now serves as Executive Vice President of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations.

Warren Buffett's succession plan is coming into focus. "They are the two key figures at Berkshire...this would've made sense five years ago, too".

It was Munger's idea for Abel, Jain, and himself to all have vice chair titles, Buffett said.

Mr Buffett has led Berkshire Hathaway for more than four decades, turning it into a complex conglomerate with holdings in freight rail, major insurance companies, real estate, newspapers and utilities.

Ajit Jain is executive vice president of National Indemnity Company

"Now when it happens, or how or anything else, I don't know". He said jokingly, "I wasn't much to start with".

Warren Buffett appointed two senior executives - Greg Abel and Ajit Jain - to Berkshire Hathaway's board of directors on Wednesday.

Mr Jain, 66, Berkshire's top insurance executive, will be vice chairman for insurance operations.

While Berkshire remains best known for insurance and reinsurance, the sector generates only about one-fourth of operating results as the company has diversified.

But on the stock market today, Berkshire's "B" shares traded 0.1% lower on the news, near 203. "Why in the world should I take a long or short position in something I don't know anything about?" He now serves as executive vice president of National Indemnity Co.

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