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Berkshire Hathaway announce two new posts as part of succession plans

11 January 2018

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", the chairman and CEO of Berkshire Hathaway said.

He described Mr Abel and Mr Jain as having "Berkshire in their blood". The chairman and CEO of Berkshire Hathaway even called himself "too dumb to realize" how successful Amazon would become.

Berkshire Hathaway has promoted two long-serving executives as it contemplates a future without billionaire boss Warren Buffett.

Buffett dismissed the idea of a horse race between Abel and Jain for the top job. Jain will oversee all of Berkshire's insurance operations.

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The hard-driving Buffett, who has been reluctant to name a successor, said in the past that Berkshire's board knows who would take over if something were to happen to him. "But I think we have to be a little more careful", he said in December.

Abel, who grew up in Alberta, Canada, joined Berkshire Hathaway Energy in 1992.

Buffett and Berkshire's 94-year-old Vice Chairman Charlie Munger will retain their positions on the board, which is expanding to 14 members from 12. His Iowa-based unit now runs several power companies in the United States, Canada and Britain, as well as natural gas pipelines and solar and wind farms. Jain is being appointed vice chairman of insurance operations. He joined Berkshire's insurance group in 1986.

Nevertheless, Buffett, the world's third richest person according to Forbes magazine, has long said Jain has probably made more money for Berkshire than he has. Over the last decade, Berkshire's Buffett brought in two hedge fund managers, Ted Weschler and Todd Combs, for investing in publicly traded stocks.

Berkshire Hathaway announce two new posts as part of succession plans