Buffett praises potential successors, but no plans to retire

Buffett praises potential successors, but no plans to retire
FILE - In this May 5, 2018 file photo, Warren Buffett, Chairman and CEO of Berkshire Hathaway, is seen during a tour of the exhibit floor at the CenturyLink Center in Omaha, Neb. Buffett will release his annual letter to Berkshire Hathaway shareholders on Saturday, Feb. 23, 2019. Buffett’s letters are always one of the best-read business documents every year. (AP Photo/Nati Harnik)

OMAHA, Neb. (AP) — Warren Buffett says two potential successors earned roughly million each last year managing Berkshire Hathaway’s dozens of operating companies.

Buffett appeared on CNBC Monday after releasing his annual letter to shareholders over the weekend.

Buffett says Greg Abel and Ajit Jain have both done a great job since they joined Berkshire’s board in early 2018. Jain oversees the conglomerate’s insurance businesses while Abel oversees non-insurance business operations.

He says one of the two longtime Berkshire executives will likely become CEO eventually, but the 88-year-old Buffett has no plans to retire.

Buffett also says the two investment managers that Berkshire hired several years ago have done well, though their investments have trailed the S&P 500 a bit since they joined Berkshire. He did say both have outperformed his own investments.