Berkshire Hathaway Energy names Fehrman as new CEO

Buffett Say He's In Good Health But Confirms First Step In Succession Plan

Longtime MidAmerican Energy executive Bill Fehrman has been promoted to president and CEO of Berkshire Hathaway Energy, replacing Greg Abel, who was promoted to vice chair of the board of parent company Berkshire Hathaway and will head the company's non-insurance businesses.

Jain joined Berkshire in 1986, runs the reinsurance operations, providing coverage against major catastrophes and generating tens of billions of dollars of premiums for Berkshire to invest.

Abel, 55, also was named vice chairman for non-insurance and Jain, 66, was tapped as vice chairman of insurance operations.

In an interview on CNBC, Mr Buffett said the decision was "part of a movement towards succession over time".

Cathy Seifert, an analyst with CFRA Research in NY who follows Berkshire, told The World-Herald that naming the two vice chairman - titles suggested by Munger - Buffett removes much of the succession uncertainty that has anxious many Berkshire shareholders.

He indicated that either Mr Jain or Mr Abel were likely to take on the CEO position once he retires.

"I think it was a very smart move", Seifert said of Buffett's TV appearance, so people could see him and not speculate that something was wrong with his health. His son Howard will be chairman. Hot Stocks Point (HSP) makes sure to keep the information up to date and correct, but we didn't suggest or recommend buying or selling of any financial instrument unless that information is subsequently confirmed on your own.

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Who Berkshire would pick to succeed Mr. Buffett as chief executive has always been on the minds of investors.

The conglomerate announced Wednesday that it would expand its board of directors to 14 members, adding Gregory Abel and Ajit Jain. "They are the two key figures at Berkshire".

Another man mentioned by some as a possible Buffett successor is Matt Rose, 57, of BNSF Railway.

He had been chief executive of its MidAmerican Energy Co subsidiary, which provides electric and natural gas service in four Midwest U.S. states, and BHE Renewables, which builds wind and solar farms.

Buffett said he will notify Berkshire's board and shareholders if he experiences any health issues.

Abel has used big acquisitions to help expand Berkshire Hathaway Energy, but had a setback previous year when his $9 billion offer for Texas power transmission company Oncor was trumped by a higher bid from San Diego-based Sempra Energy.

"We don't own any; we're not short any", Buffett said in an interview on CNBC.

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