Berkshire Hathaway Inc. said Wednesday it is expanding its 12-member board of directors by two people in a move that could help position the financial firm for when Chief Executive Warren Buffett eventually steps down.
The Omaha-based company said Gregory Abel and Ajit Jain, both of whom have been with Berkshire entities since the 1990s, have been elected as board members. Mr. Buffett, who also serves as chairman, will stay in his roles.
Continue Reading Below
Mr. Abel, currently CEO of Berkshire Hathaway Energy Co., has also been named vice chairman of the company's non-insurance business operations.
Mr. Jain, currently the National Indemnity Co.'s executive vice president and head of the company's reinsurance operations, has been named vice chairman of insurance operations.
Berkshire, which comprises about 60 businesses across multiple sectors, has been led by Mr. Buffett for more than 50 years.
During the company's annual meeting last year, Mr. Buffett suggested that whoever does ultimately step into his role will be responsible for spending the company's cash and that his successor could take the reins while Mr. Buffett is still alive.
Berkshire, which doesn't usually have much turnover in its top leaders, has had a number of executive changes at its different businesses.
Shares of Berkshire fell less than half a percent premarket Wednesday.
Write to Allison Prang at email@example.com
(END) Dow Jones Newswires
January 10, 2018 07:18 ET (12:18 GMT)