Berkshire Hathaway expands board; Buffett, Munger keep seats

OMAHA, Nebraska (AP) — Berkshire Hathaway is adding Gregory E. Abel and Ajit Jain as directors, boosting the size of its board to 14 members as the company begins to prepare for life after Warren Buffett.

Buffett and Charles T. Munger, Berkshire Hathaway's vice chairman, will retain their positions on the board. Buffett, speaking on CNBC Wednesday, said that the new board members are "part of a movement toward succession over time."

Buffett said the move isn't due to any looming concerns, saying he's in "remarkably good health." Yet Buffett, who is 87, said it was time to have a plan and that Abel and Jain are the right choices.

"They've both got Berkshire in their blood," Buffett said.

Abel, chairman and CEO of Berkshire Hathaway Energy Co., is being named vice chairman of non-insurance business operations. Jain is being appointed vice chairman of insurance operations. He currently serves as executive vice president of National Indemnity Co.

Buffett shot down the idea that Abel and Jain would share the CEO post once he's no longer running the company, saying there would be one person in the position but not saying who it would potentially be.