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Warren Buffett (pictured) announced today that Greg Abel, 55, will be vice chairman of the non-insurance business, while Ajit Jain, 66, will be vice chairman of the insurance operations. (AP Photo)

(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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