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CEO of Berkshire Hathaway, Warren Buffett. Photo: Daniel Zuchnik / WireImage via Getty Images.

Warren Buffett announced on CNBC that he has appointed Ajit Jain and Gregory Abel as vice chairs on the board of Berkshire Hathaway, increasing the number of directors from 12 to 14.

Why it matters: The move cements both leaders as potential successors to Buffett as CEO of the conglomerate.

Key quote: "They both have Berkshire in their blood ... know the operation like the back of their hand," said Buffett. "It's good for Berkshire and even better for me."

  • Abel, 55, was named vice chair of non-insurance businesses. He is currently the chairman and CEO of Berkshire Hathaway Energy Company. CNBC says Abel "will likely be seen by Wall Street as the most likely to ascend into Buffett's role eventually."
  • Jain, 66, will be vice chair of insurance operations. He is currently executive vice president of National Indemnity Company.

What's next: Buffett, 87, and Vice Chairman Charlie Munger, 94, will remain in charge of Berkshire's significant investment decisions for the company.

Go deeper

Mike Allen, author of AM
15 mins ago - Politics & Policy

Why Trump may still fire Barr

Photo: Jabin Botsford/The Washington Post via Getty Images

Attorney General Barr may be fired or resign, as President Trump seethes about Barr's statement this week that no widespread voter fraud has been found.

Behind the scenes: A source familiar with the president's thinking tells Axios that Trump remains frustrated with what he sees as the lack of a vigorous investigation into his election conspiracy theories.

Mike Allen, author of AM
15 mins ago - World

Scoop: Trump's spy chief plans dire China warning

Xi Jinping reviews troops during a military parade in Beijing last year. Photo: Thomas Peter/Reuters

Director of National Intelligence John Ratcliffe on Thursday will publicly warn that China's threat to the U.S. is a defining issue of our time, a senior administration official tells Axios.

Why it matters: It's exceedingly rare for the head of the U.S. intelligence community to make public accusations about a rival power.

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35 mins ago - Technology

Tech's race problem is all about power

Illustration: Eniola Odetunde/Axios

As problematic as the tech industry's diversity statistics are, activists say the focus on those numbers overlooks a more fundamental problem — one less about numbers than about power.

What they're saying: In tech, they argue, decision-making power remains largely concentrated in the hands of white men. The result is an industry whose products and working conditions belie the industry rhetoric about changing the world for the better.