Indian origin Ajit Jain (67) may be the chairman of Berkshire Hathaway and the successor of famous investor Warren Buffett (88). Buffett signs this on the company’s AGM on Saturday.
If Jain gets the command of Berkshire, he will be the fourth Indian Chief of the well-known American companies worldwide. Microsoft CEO Satya Nadella, Google’s Sundar Pichai and Adobe’s Shantanu Narayana are also of Indian origin.
Buffett did not reply directly to the question of the successor but said that Gregory Abel (57) and Ajit Jain would share the stage with him in future to answer the shareholder’s questions. Last year, both were promoted and included in the Board of Directors.
Buffett said that there can be no better-operating managers than Gregory and Ajit. For the past several years Buffett and his business partner Charlie Munger (95) have come up with answers to shareholders’ questions in the AGM. This time Ajit Jain also answered. However, he talked to the floor rather than the stage.
Jain joined the Insurance Division of Berkshire in 1986. They are leading it. Abel was associated with the Energy Division of Berkshire in 1992. One of the two will be the successor to Buffett, or both of them can handle this responsibility? Buffett’s partner Munger on this question said that one of the reasons for the difficulty in answering is that Berkshire is a company with variations. The way to make our decisions is not bureaucratic.
Born in Odisha, Ajit Jain is a B Tech in Mechanical Engineering from IIT Kharagpur. In 1978 he flew to America. He completed his MBA from Harvard University. He had a job at Mackenzie and Co. There, his boss Michael Goldberg called him to join Buffett’s insurance division of the company. In January last year, he became vice chairman of Hathaway’s insurance operations and was also included in the company’s board of directors.
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