Updated from 4:27 p.m. EDT

Arnold Schwarzenegger's campaign said Wednesday that Warren Buffett, the legendary investor and chairman of

Berkshire Hathaway

(BRKA)

TheStreet Recommends

, will serve as the senior financial and economic adviser to the film star on his bid for the governorship of California.

"I have known Arnold for years and know he'll be a great governor," Buffett said in a prepared statement. "It is critical to the rest of the nation that California's economic crisis be solved, and I think Arnold will get that job done."

In his role, the campaign said, Buffett will help Schwarzenegger assemble other prominent business leaders and economists to advise Schwarzenegger on the economic issues facing California.

"I am truly honored that Warren has agreed to serve as my top financial and economic adviser," Schwarzenegger, who reportedly was courting Buffett to join his campaign for days, said in a statement. "He is truly a giant in the world of finance, and he will be a huge help to me as we work to strengthen California's economy. Warren has a common sense approach to business issues and an integrity that is unmatched. That's the same way I want to approach governing."

Berkshire Hathaway is an insurance and investment holding company.