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Abel was named Berkshire's vice chairman for non-insurance
business operations, and Jain was named vice chairman for
insurance operations.
Both were also added to Berkshire's board, increasing the number
of directors to 14 from 12.
Abel is the chairman of the company's Berkshire Hathaway Energy
unit, which he joined in 1992, while Jain is executive vice
president at National Indemnity Co and oversees Berkshire's
reinsurance operations. He joined Berkshire in 1986.
Investors and analysts have long considered Abel and Jain the
top candidates to eventually succeed Buffett, 87, as chief
executive, though Abel is more than a decade younger.
For now, Buffett and Vice Chairman Charlie Munger, 94, will
remain responsible for Berkshire's major capital allocation and
investment decisions, including acquisitions.
Berkshire has long said that it will be ready to install a new
chief executive should Buffett step down, die or become
incapacitated.
Speculation that Abel and Jain were the top candidates grew
after Munger singled them out for praise in a 2015 letter to
Berkshire shareholders.
Buffett's investment deputies, Todd Combs and Ted Weschler, are
in position to eventually succeed Buffett as Berkshire's chief
investment officer, while Buffett's son Howard is expected to
become Berkshire's non-executive chairman.
(Reporting by Jonathan Stempel in New York; Additional reporting
by Aparajita Saxena in Bengaluru; Editing by Bernard Orr and
Chizu Nomiyama)
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