Buffett adds his 2 potential successors to Berkshire board

Ajit Jain is executive vice president of National Indemnity Company

Warren Buffett's succession plan is coming into focus.

In a new development over who might eventually take over for Buffett, the Omaha-based conglomerate announced on Wednesday the appointment of Gregory Abel, 55, as vice chairman of noninsurance businesses, and Ajit Jain, 66, as vice chairman of insurance operations.

In an interview with CNBC's Becky Quick Wednesday, Buffett said that for the most part this cryptocurrency run will "come to a bad ending", although when and how this happens remains unclear. It's the clearest sign yet of what Buffett will do, after years of speculation. Buffett had refused to name them, but investors who follow Berkshire had long included Jain and Abel on their short lists. Still, Buffett's holding company, Berkshire Hathaway, has promoted two of its executives and put them on the board.

Abel, chairman and CEO of Berkshire Hathaway Energy Co., is being named vice chairman of non-insurance business operations. Jain will oversee all of Berkshire's insurance operations.

Berkshire has more than 90 operating units including the BNSF railroad, Geico auto insurance, the Dairy Queen ice cream chain, Fruit of the Loom underwear, See's sweets, and a variety of industrial and chemical operations. He now serves as executive vice president of National Indemnity Co. Buffett's primary role as CEO is to decide where to invest Berkshire's cash - either in its own companies, acquisitions or outside investments - and manage the executives who lead the subsidiaries.

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