Mr Buffett said he still goes to the office on Saturdays, but succession planning has always been part of the discussions among Berkshire Hathaway board members. But Greg Abel and Ajit Jain will also become vice chairmen and take on more duties.
"They are the key figures", said Buffett in a "Squawk Box" interview from Omaha.
Buffett dismissed the idea of a horse race between Abel and Jain for the top job.
Warren Buffett does not know when prices for Bitcoin and other cryptocurrencies will crash, but the billionaire investor said "with nearly certainty" that things are going to take a turn for the worse.
"Now if something happens, they're right there", Kilpatrick said. The 55-year-old Abel will be vice chair of noninsurance businesses and is now the chief executive of Berkshire Hathaway Energy.
Berkshire has more than 90 operating units including the BNSF railroad, Geico auto insurance, the Dairy Queen ice cream chain, Fruit of the Loom underwear, See's sweets, and a variety of industrial and chemical operations. Jain joined the Berkshire Hathaway Insurance Group in 1986 and now serves as executive vice president of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations. The conglomerate also holds major investments in companies such as Coca-Cola, Wells Fargo, American Express and Apple. Buffett's primary role as CEO is to decide where to invest Berkshire's cash - either in its own companies, acquisitions or outside investments - and manage the executives who lead the subsidiaries.