Buffett Offers Hint at Next Berkshire Hathaway Leader

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"They are the key figures", said Buffett in a "Squawk Box" interview from Omaha.

This move makes the succession plan clear for investors, said Andy Kilpatrick, who has followed Berkshire for years while writing and updating "Of Permanent Value: The Story of Warren Buffett".

"Today's news codifies the importance of Greg Abel and Ajit Jain to not just their current businesses, but their future authority once Buffett relinquishes the CEO title", he added.

"In terms of cryptocurrencies, generally, I can say nearly with certainty that they will come to a bad ending", Buffett said in an interview on CNBC on Wednesday.

"They know each other well, they like each other well, they both have their areas of specialty", he said. He said jokingly, "I wasn't much to start with".

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. "Berkshire will operate best if its CEOs average well over 10 years at the helm".

The company's Board of Directors also voted to increase the number of directors to 14 from 12. Jain is the executive vice president of National Indemnity Company and joined the Berkshire Hathaway 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. Speculation had centered on Abel and Jain as possibilities.



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