Buffett Offers Hint at Next Berkshire Hathaway Leader
Buffett Offers Hint at Next Berkshire Hathaway Leader
Buffett lines up potential successors
11 January, 2018, 10:15
That instantly makes them front-runners to succeed Buffett.
Warren Buffett has named two Vice Chairmen for the Board of Directors at Berkshire Hathaway, which could provide a clue for the next person to run his corporation.
Buffett and Charles T Munger, Vice Chairman of Berkshire Hathaway, will continue in their existing positions, including being responsible for significant capital allocation decisions and investment activities.
Buffett said the move isn't due to any looming concerns, saying he's in "remarkably good health".
Still, Buffett's holding company, Berkshire Hathaway, has promoted two of its executives and put them on the board. "But I think we have to be a little more careful", he said in December. "Berkshire will operate best if its CEOs average well over 10 years at the helm".
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"I love what I do", he said.
"When it happens or how or anything else, I don't know", he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska. Speculation had centered on Abel and Jain as possibilities.
The company increased the number of directors comprising the entire Board of Directors from twelve to fourteen.
It was Munger's idea for Abel, Jain, and himself to all have vice chair titles, Buffett said. Also being tapped was Ajit Jain, who was named Vice Chairman of the Insurance Operations.
The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency, which endured a rollercoaster ride at the tail end of 2017.
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