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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

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities tied to Iranian-backed militia groups in Syria was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

2 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios