Berkshire Hathaway Lifts Director Numbers; Adds Gregory Abel, Ajit Jain To Board

Javier Stokes
January 11, 2018

Buffett, 87, who was treated for prostate cancer some years ago, described himself in "remarkably good health" in the CNBC interview.

Abel, chairman and CEO of Berkshire Hathaway Energy Co., is being named vice chairman of non-insurance business operations.

Mr Buffett told CNBC that the changes should be nearly imperceptible from the outside.

"They've both got Berkshire in their blood", Buffett said. Buffett had refused to name them, but investors who follow Berkshire had long included Jain and Abel on their short lists.

He later blamed "lethargy, bordering on sloth" for not making the announcements sooner.

Other Connecticut subsidiaries include General Reinsurance in Stamford; Duracell in Bethel; Charter Brokerage in Norwalk; H.H. Brown Shoe in Greenwich; and Berkshire Hathaway HomeServices New England Properties in Wallingford.

Berkshire's board will grow to 14 members from 12 with the addition of Abel and Jain.

Oil prices rise on United States production declines, OPEC output cuts
February West Texas Intermediate crude was up 25 cents, or 0.4%, at $61.98 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, also closed at a three-year high, up $1.04, or 1.5%, to $68.82 a barrel.

Also on the show, Buffett's right-hand man, Charlie Munger, also blasted frothiness in bitcoin - and in venture capital funding.

Buffett's eldest son, Howard, is expected to become Berkshire's non-executive chairman, to help preserve the company culture.

"Now if something happens, they're right there", Kilpatrick said.

"They know each other well, they like each other well, they both have their areas of specialty", he said.

Sometimes called the "Oracle of Omaha", Mr Buffett is known for his focus on long-term investments and folksy bearing.

Mr Buffett said another 10 years at the firm would be "a long time" but he has no plans to step down yet. He said jokingly, "I wasn't much to start with". "It's more fun than I think I could imagine".

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