Warren Buffett revealed the succession plan for Berkshire Hathaway. Head of Berkshire Hathaway Reinsurance operations, Ajit Jain, 66 and Gregory Abel, 55, Chief Executive of Utility business has been named as possible successors for the company.
In January 2018, Berkshire Hathaway Inc. promoted both of them to new jobs to give them more authority and involvement in the day to day operations. They were introduced as vice chairs to the company’s board of directors.
According to Warren Buffett, there are three important traits that he wants in his employees. These are intelligence, energy, and integrity.
Ajit Jain- He was born and raised in Orissa, India. He attended Indian Institute of Technology with a degree in Engineering and later on, he graduated from Harvard Business School. He started working in Berkshire Hathaway in 1986. Before that, he worked at IBM and McKinsey & Co. for some time. He is head of reinsurance business. Reinsurance provides coverage against major disasters. Through this business, he has been able to provide a huge amount of money in form of premiums for further investment. Warren Buffett acknowledges him to be a major asset for Berkshire Hathaway.
Gregory Abel-He is chairman and Chief Executive Officer of Berkshire Hathaway Energy Company. He grew up in Edmonton, Alberta, Canada. He graduated with bachelor’s degree in commerce from the University of Alberta.
Discussion: According to Warren Buffett, both of his choices are capable of leading Berkshire Hathaway and they both have proven to be an exceptional businessman at the time. He believes he will be leaving the company in good hands. But for now, he is in charge and he loves working.