World-renowned investor Warren Buffett’s Berkshire Hathaway Foundation expanded the board of directors to include two new posts that were taken up by head of insurance operations department Ajit Jane and executive director of public utility Greg Abel, writes The Wall Street Journal.
As Buffett himself said, this appointment is part of the “towards inheritance” movement.
“I know that if I were in the position of these two guys, I would like to gain experience in managing the entire business group, until I take control of myself,” the investor noted.
66-year-old Jane received the post of vice president of insurance operations, and 55-year-old Abel – vice president of non-insurance business operations. Now, the managers of about 60 companies that are members of the fund will report to Jane or Abel, and not to Buffett, as they did before.
However, in the near future, Buffett himself and Berkshire Hathaway vice-president Charles Manger will keep their posts and will continue to monitor the fund’s large investments and its acquisitions.
Buffett, who has been in charge of Berkshire for more than 50 years, noted that his health is “remarkably good”. According to him, he can not wait to “go to the office in the morning.”
He does not plan to leave the CEO position at Berkshire Hathaway in the near future, but “ten years would be a long time” to continue the work.