Oracle of Omaha Warren Buffett announced that the Berkshire Hathaway board will now have 14 directors, up from 12. Buffett named Ajit Jain, 66, and Gregory Abel, 55, as vice chairs. Abel becomes vice chair of non-insurance businesses at Berkshire Hathaway, retaining his position as chairman and CEO of Berkshire Hathaway Energy Company. Jain is vice chair of Berkshire’s massive insurance business operation, which includes Geico and the Berkshire Hathaway Reinsurance Group.
But the major investment decisions at Berkshire Hathaway are still in the hands of the duo who turned the company into an investing legend, Buffett himself and his partner Charlie Munger, currently vice chairman. Munger is 94 and Buffett a spry 87, which means that the world’s most famous privately held company is in the hands of two men whose combined years on the planet total 181. You really can’t get more experience in two people than that.