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Warren Buffett announces succession plan

Posted at 5:47 PM, Jan 10, 2018

A major announcement from Omaha's most famous resident, Berkshire Hathaway is preparing for life after Warren Buffett.

During a CNBC interview Wednesday, Buffett announces that Gregory Abel will be named Vice Chairman of Non-Insurance Business Operations and Ajit Jain will be the Vice Chairman of Insurance Operations.  Both will also be added to the Board of Directors.

Buffett said they wouldn't share CEO duties if he stepped down, but both make strong candidates to lead.

"When I'm not CEO, there will be another CEO.  There will be a CEO and how that CEO will organize things will be up to him in this case and he will figure out the best way to do it.  And it won't change very much," Buffett explained.

The Berkshire Hathaway Board of Directors would decide who would be the next CEO of Buffett stepped down.  As to when that could happen is still unknown.