Berkshire Hathaway has promoted two of its top executives, Gregory Abel and Ajit Jain, adding them to its board.
The move cements their status as the front runners to succeed Warren Buffett at the top of the conglomerate.
Abel, 55, the chief executive officer of Berkshire Hathaway Energy, was named Berkshire's vice chairman for non-insurance business operations.
Jain, 66, Berkshire's top insurance executive, was named vice chairman for insurance operations.
Buffett, 87, remains chairman and CEO of the roughly $500 billion conglomerate he has run since 1965.
Charlie Munger, 94, who has worked at Buffett's side for more than four decades, remains vice chairman.
Both Buffett and Munger will continue handling major capital allocation and investment decisions, including acquisitions, for Omaha, Nebraska-based Berkshire, though they have reduced their responsibilities in recent years with their increasing age.
Buffett called Abel's and Jain's new roles "part of the movement toward succession" at Berkshire. "They are the two key figures at Berkshire" and "have Berkshire in their blood," he said.
Many investors view Abel as the favourite to become CEO, citing his age and experience in acquisitions and operations.
Berkshire has more than 90 operating units including the BNSF railroad, Geico auto insurance, Dairy Queen ice cream, Fruit of the Loom underwear, See's Candies and a variety of industrial and chemical operations.
While Munger had the idea to make Abel and Jain vice chairmen, Buffett said managing a large portion of Berkshire, including input on smaller acquisitions, would provide valuable experience to his successor.
Buffett dismissed the idea of a horse race between Abel and Jain for the top job.
"They know each other well, they like each other well, they both have their areas of specialty," he said.
Berkshire's board will grow to 14 members from 12 with the addition of Abel and Jain.
Buffett, who first publicly raised the succession issue more than a decade ago, said he remained in "remarkably good health" and that his health was not a factor in making the announcement.
While Buffett has no plans to quit soon, when asked how long he expected to remain at the helm, he said: "Ten years would be a long time."
Munger told CNBC he thought Berkshire shareholders had "seven or more good years coming out of Warren," but "not very many" out of him, saying, "I have to face reality."
Buffett, the world's third-richest person according to Forbes magazine, has long said Jain has probably made more money for Berkshire than he has.
"If Jain becomes CEO it would be great, but the complexity of the insurance business requires someone there with more day-to-day supervision," analysts said.
In the CNBC interview, Buffett repeated that Berkshire’s board, whose members include Microsoft co-founder Bill Gates, can install a new chief executive within a day when he steps down, dies or becomes incapacitated.
Abel and Jain became the apparent front runners after Munger singled them out as "world-leading" performers in a 2015 letter to Berkshire shareholders.
Todd Combs and Ted Weschler, who are Buffett's investment deputies, are expected eventually to succeed Buffett as Berkshire's chief investment officer.
Buffett's eldest son, Howard, is expected to become Berkshire's non-executive chairman, to help preserve the company's culture.
