Berkshire adds 2 top executives as directors, fueling speculation about Buffett's successor

Berkshire adds 2 top executives as directors, fueling speculation about Buffett's successor

"I can say nearly with certainty that cryptocurrencies will come to a bad end", Buffett told CNBC in an interview.

He has previously labelled it a "mirage" and a joke.

Jain has always been cited as a likely lead for a major portion of the Berkshire Hathaway business, potentially even a successor for Warren Buffett, and this new role could see him having even greater influence over the direction of the firm's insurance and reinsurance operations.

He declined to say how long he expected to remain at the helm but allowed: "Ten years would be a long time".

Buffett and Charles T. Munger, 94, Berkshire Hathaway's vice chairman, will continue in their current positions, including being responsible for significant capital allocation decisions and investment activities. Jain is being appointed vice chairman of insurance operations.

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Buffett commented today, "It's part of the movement towards succession at this time".

Jain is executive vice president at National Indemnity Co and oversees Berkshire's reinsurance operations.

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

Buffett, the world's third-richest person according to Forbes magazine, has run Omaha, Nebraska-based Berkshire since 1965, with Munger at his side for more than four decades.

The appointments appear to position Abel and Jain on equal footing, likely giving each a shot at the top job when Buffett eventually relinquishes the post of CEO and chairman.

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