Author Topic: BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel  (Read 3659 times)

kiwing100

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BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel
« on: January 10, 2018, 03:17:37 AM »

FYI, headline on CNBC.


kiwing100

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Re: BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel
« Reply #1 on: January 10, 2018, 03:27:51 AM »

FYI, Buffett going to be on CNBC at 0800 ET with Becky Quick.

kiwing100

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Re: BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel
« Reply #2 on: January 10, 2018, 03:42:45 AM »

* BERKSHIRE HATHAWAY INC - GREGORY E. ABEL AND AJIT JAIN WERE THEN ELECTED TO SERVE AS DIRECTORS TO FILL RESULTING VACANCIES ON BOARD OF DIRECTORS

* BERKSHIRE HATHAWAY - ‍ON JAN 9, BOARD VOTED TO INCREASE NUMBER OF DIRECTORS COMPRISING ENTIRE BOARD OF DIRECTORS FROM TWELVE TO FOURTEEN​

* BERKSHIRE HATHAWAY INC - ‍BUFFETT AND CHARLES T. MUNGER, VICE CHAIRMAN OF BERKSHIRE HATHAWAY WILL CONTINUE IN THEIR EXISTING POSITIONS​

* BERKSHIRE HATHAWAY INC - BUFFETT APPOINTED ABEL TO BE BERKSHIRE VICE CHAIRMAN - NON-INSURANCE BUSINESS OPERATIONS
* PRESS RELEASE - BERKSHIRE HATHAWAY INC. NEWS RELEASE

* BERKSHIRE HATHAWAY INC - BUFFETT APPOINTED JAIN TO BE BERKSHIRE HATHAWAY‘S VICE CHAIRMAN - INSURANCE OPERATIONS

Dynamic

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Re: BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel
« Reply #3 on: January 10, 2018, 04:01:04 AM »
http://www.berkshirehathaway.com/news/jan1018.pdf

Text of Press Release:

BERKSHIRE HATHAWAY INC.
NEWS RELEASE
FOR IMMEDIATE RELEASE January 10, 2018
Omaha, NE (BRK.A; BRK.B) –

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.

Valuehalla

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Re: BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel
« Reply #4 on: January 10, 2018, 04:40:21 AM »
They chose a good time for that:

- soon FY 2017 figures will come out and the bookvalue will have increased 26 % in 2017..MASSIV
- a bulk of cash is waiting to be invested for an elephant and / or for share buybacks... MASSIV
- additional cashflow-improvement by taxreform from 2018 on ... MASSIV
- interest environment is clearly improving, which is strong tailwind for BRK

Well done!

« Last Edit: January 10, 2018, 04:51:17 AM by Valuehalla »
BRK FFH MKL LVLT CTL BAC WFC BMY MRK MCD MO PM

Dynamic

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Re: BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel
« Reply #5 on: January 10, 2018, 05:06:48 AM »
I think it's a positive move and a sensible division recognising their areas of expertise. I think both are extremely capable and will be valuable additions to the Board. It's also a nice recognition of them regardless of whether or not one of them would eventually become CEO.

Doubtless Buffett will be asked if it's indicative of succession plans or whether it indicates serious health problems for him or Munger and I wouldn't be too surprised that the minor decline in pre-trading stock price is on the basis of this sort of speculation.

I'm sure he will be adamant that it is entirely independent of the Board's succession planning discussions.

It would be interesting to know whether Jain and Abel would be involved in discussion of succession planning at future Board meetings given that they could be candidates.

LongTermView

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Re: BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel
« Reply #6 on: January 10, 2018, 07:27:30 AM »
Yes, this makes sense.

StubbleJumper

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Re: BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel
« Reply #7 on: January 10, 2018, 07:42:33 AM »
Good move.  It was overdue.  Munger is like 94 and Buffett is 87.  What's the probability that both will be around this time next year?

Buffett_Groupie

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AzCactus

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Re: BRK to appoint two Vice Chairmen to BRK Board - Jain and Abel
« Reply #9 on: January 10, 2018, 10:15:30 AM »
Good move.  It was overdue.  Munger is like 94 and Buffett is 87.  What's the probability that both will be around this time next year?

100% :)