(Bloomberg) – Warren Buffett finally confirmed what many investors have already guessed about who will succeed him as chief executive officer of Berkshire Hathaway Inc., the sprawling conglomerate he's built over the past five decades.

In naming two senior executives — Ajit Jain and Greg Abel — to the company's board and giving them each responsibility for large swaths of Berkshire's businesses, he positioned one of the two men to probably be his replacement.

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