Warren Buffett has named two new vice chairs at Berkshire Hathaway as part of a movement toward succession, he told CNC Wednesday.
Gregory Abel, 55, is now the company's vice chairman of non-insurance business and Ajit Jain, 66, is now the vice chairman of insurance operations.
Abel is currently the CEO of Berkshire Hathaway Energy Company and has been with company since 1992. Jain has been with Berkshire Hathaway Insurance since 1986, he currently leads the company's reinsurance operations.
The Berkshire board voted to increase the number of directors to 14 to accommodate the new roles. Previously the number of directors was 12.
