Berkshire Hathaway's Board of Directors named Gregory Abel, 56, and Ajit Jain, 66, to the board as vice chairs Jan. 9.
Berkshire Hathaway Chairman and CEO Warren Buffett, 87, appointed Mr. Abel to serve as the company's vice chairman of non-insurance business operations and Mr. Jain to serve as vice chairman of insurance operations.
Mr. Abel joined Berkshire Hathaway Energy Co. in 1992, and he now serves as its CEO and chairman.
Mr. Jain is Berkshire Hathaway Insurance Group's executive vice president of National Indemnity Co., joining the company in 1986. He leads its reinsurance operations.
Mr. Buffett and Berkshire Hathaway Vice Chairman Charles Munger, 94, will continue in their current leadership roles, including deciding all investment activity. Mr. Buffett told CNBC the appointments are "part of a movement to succession over time." Market analysts believe Mr. Abel could be Mr. Buffett's future successor.
Berkshire Hathaway Class B shares, BRK.B., increased as a result of the announcement opening Jan. 9 at $202.86 and closing at $203. At market open Jan. 11, the stock was trading at $205.59.