Ajit Jain (born 23 July 1951) is an Indian-American executive who is the Vice Chairman of Insurance Operations for Berkshire Hathaway as of January 10, 2018.[1][2] Ajit Jain is an older cousin of Anshu Jain, who was the former Co-CEO of Deutsche Bank.[3]
Ajit Jain | |
|---|---|
| Born | |
| Citizenship | United States |
| Education | IIT Kharagpur (B.Tech) Harvard University (MBA) |
| Occupation | Businessman |
| Title | Vice Chairman of Insurance Operations, Berkshire Hathaway |
| Board member of | Berkshire Hathaway |
| Spouse | Tinku Jain (m. 1981) |
Education
editJain attended Stewart School in Cuttack. In 1972, he graduated from the IIT Kharagpur in India with a B.Tech in Mechanical Engineering.[4][5]
Career
editFrom 1973 to 1976, Jain worked for IBM as a salesman for their data-processing operations in India. He was named "Rookie of the Year" in his region in 1973.[6] He lost his job in 1976 when IBM discontinued their operation in India because they declined to allow any Indian ownership of the company, as was then required by law.[6]
In 1978, Jain moved to the United States, where he earned an MBA from Harvard University and joined McKinsey & Co. He returned to India in the early 1980s and married. The Jains then moved back to the United States, as Jain's wife preferred to live there.[7]
In 1986, he left McKinsey to work on insurance operations for Warren Buffett. Jain was invited by his former boss, Michael Goldberg, who had left McKinsey & Co. to join Berkshire Hathaway in 1982.[6] At the time, he said he knew little about the insurance business.[8]
In the annual letter to shareholders on 2014, it was suggested that both Jain and Greg Abel could be appropriate successors for Warren Buffett as CEO of Berkshire Hathaway.[9][10] In January 2018, Jain was named Berkshire Hathaway's vice chair of insurance operations and appointed to Hathaway's board of directors.[2]
Philanthropy
editJain lives in the New York City area.[11]
In 2005, Jain established the Jain Foundation, a non-profit organization located in Seattle, Washington, the mission of which is to cure limb-girdle muscular dystrophies caused by dysferlin protein deficiency, a condition that Jain's son has.[12][13]
See also
editReferences
edit- ^ S, Anusha; Krishnan, Janaki (2003-06-27). "Warren Buffett testing Indian market". Rediff. Archived from the original on 2007-03-10. Retrieved 2007-03-24.
- ^ a b Kim, Tae (2018-01-10). "Warren Buffett takes a step closer to naming a successor as Berkshire appoints Abel and Jain to board as vice chairs". CNBC. Retrieved 2018-01-12.
- ^ "The India-born banker who transformed Deutsche Bank is on his way out". Quartz (publication). June 8, 2015.
- ^ "Ajit Jain leads pack to take over from Warren Buffett". Hindustan Times. 2012-05-08. Archived from the original on July 6, 2014.
- ^ Holm, Erik; Ng, Serena (2012-05-05). "In Ajit Jain, Some See Next Buffett". The Wall Street Journal. pp. B1–B2. Retrieved 2015-04-05.
- ^ a b c Miles, Robert P. (2001). The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers. New York: John Wiley & Sons. pp. 69–70. ISBN 0-471-44259-3.
- ^ "Ajit Jain: Berkshire's next Oracle?". Rediff India Abroad. 2009-03-06. Retrieved 2010-05-15.
- ^ Urban, Rob (2006-07-11). "Jain, Buffett Pupil, Boosts Berkshire Cash as Succession Looms". Bloomberg News. Retrieved 2006-07-23.
- ^ "Berkshire Hathaway Shareholder Letter for 2014" (PDF).
his successors would not be 'of only moderate ability.' For instance, Ajit Jain and Greg Abel are proven performers
- ^ "Ajit Jain may head Buffett firm". The Asian Age. Press Trust of India (PTI). 2015-03-02. Archived from the original on 2015-04-02.
- ^ Steve Jordon (May 2, 2015). "Meet Ajit Jain, the man in charge of Warren Buffett's profit machine". Omaha World-Herald. Retrieved April 24, 2016.
- ^ "It's personal: Big business searches for cures". Fortune. 2011-11-10. Retrieved 2014-07-27.
- ^ "Jain Foundation Steps Up Efforts to Find Cure for Muscular Dystrophy". Genetic Engineering & Biotechnology News. 2013-10-16. Retrieved 2014-07-27.
Further reading
edit- Matthews, Jeff, "Secrets in Plain Sight: Business and Investing Secrets of Warren Buffett," eBooks On Investing, 2012.