Warren Buffett said Monday that two potential successors earned roughly $18 million each last year managing Berkshire Hathaway's dozens of operating companies.

Buffett appeared on CNBC after releasing his annual letter to shareholders over the weekend.

Buffett said Greg Abel and Ajit Jain have both done a great job since they joined Berkshire's board in early 2018. Jain oversees the conglomerate's insurance businesses while Abel oversees noninsurance business operations.

Buffett, 88, said that one of the two longtime Berkshire executives will likely become CEO eventually but that he has no plans to retire.

Buffett also said the two investment managers that Berkshire hired several years ago have done well, though their investments have trailed the S&P 500 a bit since they joined Berkshire. He did say both have outperformed his own investments.

Berkshire Hathaway Inc. owns the Omaha World-Herald.

Get the latest development, jobs and retail news, delivered straight to your inbox every day.

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

© 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Commenting is limited to Omaha World-Herald subscribers. To sign up, click here.

If you're already a subscriber and need to activate your access or log in, click here.

Load comments

You must be a full digital subscriber to read this article You must be a digital subscriber to view this article.