Berkshire Hathaway Taps Stamford Reinsurance Exec For New Role

STAMFORD, CT — Ajit Jain, head of Berkshire Hathaway's Stamford-based reinsurance division, has been named vice chairman of Berkshire Hathaway's Board of the Directors, the company announced. The company's energy division CEO, Gregory Abel, also was named a vice chairman of the board.

The move, which increases the company's board seats to 14, up from 12, is being viewed as a possible nod from Berkshire's head, Warren Buffett, to a succession plan at the company, reports CNBC. One of the two men might eventually take over for the 87-year-old business icon.

Jain joined the Berkshire Hathaway Insurance Group in 1986, according to the company, and he currently serves as Executive Vice President of National Indemnity Company "with overall responsibility for leading
Berkshire’s reinsurance operations."

Below is the full press release from Berkshire Hathaway:

On January 9, 2018, Berkshire Hathaway Inc.’s Board of Directors voted to increase the number of
directors comprising the entire Board of Directors from twelve to fourteen. Gregory E. Abel and Ajit
Jain were then elected to serve as Directors to fill the resulting vacancies on the Board of Directors. In
connection with their election to the Board of Directors, Warren E. Buffett, Berkshire Hathaway’s
Chairman and CEO, appointed Mr. Abel to be Berkshire Hathaway’s Vice Chairman – Non-Insurance
Business Operations and Mr. Jain to be its Vice Chairman – Insurance Operations.

Mr. Abel joined Berkshire Hathaway Energy Company in 1992 and currently serves as its Chairman and
CEO. Mr. Jain joined the Berkshire Hathaway Insurance Group in 1986 and currently serves as
Executive Vice President of National Indemnity Company with overall responsibility for leading
Berkshire’s reinsurance operations.

Mr. Buffett and Charles T. Munger, Vice Chairman of Berkshire Hathaway will continue in their existing
positions, including being responsible for significant capital allocation decisions and investment
activities. Mr. Buffett is scheduled to be interviewed later today at 8:00 a.m. Eastern Time on CNBC’s
Squawk Box at which time he will provide additional information regarding the appointments of Mr.
Abel and Mr. Jain to Berkshire Hathaway’s Board of Directors and their new roles at Berkshire
Hathaway.

About Berkshire
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and
reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and
services. Common stock of the company is listed on the New York Stock Exchange, trading symbols
BRK.A and BRK.B.