Warren Buffett, the legendary Oracle of Omaha, is taking steps toward a succession plan with the naming of two additional Berkshire Hathaway board members.
Buffett increased the size of the board from 12 to 14 members, appointing Gregory Abel as the company's vice chairman for non-insurance business operations and Ajit Jain as vice chairman for insurance operations.
On CNBC's 'Squawk Box' this morning, Buffett dismissed any concerns that his health had prompted these moves.
'I'm in remarkably good health,' he said. 'My balance is not as good but I wasn't much to start with,' he said.
'I feel terrific, I love what I do, I can't wait to go to the office in the morning. If there was anything about my health I would tell the shareholders immediately,' he said.
Buffett said there would indeed be another CEO to replace him when the time comes. As for what will happen whenever the time does come, he said 'the directors know what to do tomorrow morning if it happens but not four years from now if it happens then.'
Abel joined Berkshire Hathaway Energy Company in 1992 and is currently its chairman and chief executive. Jain joined the Berkshire Hathaway Insurance Group in 1986 and is executive vice president of National Indemnity Company. He leads Berkshire’s reinsurance operations.
Buffett and 94-year-old Charles T. Munger, Berkshire's vice chairman, will remain in their existing positions, which include responsibility for capital allocation decisions and investments.
To read the CNBC story, click here.