Ajit Jain

Ajit (born 1951 in Orissa, India) is an Indian born employee of Berkshire Hathaway who currently heads several reinsurance businesses.[1] He was raised in India's coastal state of Orissa. He is a strict vegetarian because of his religion, Jainism. Ajit Jain is an older cousin of Anshu Jain, who was the Co-CEO of Deutsche Bank.

Education

In 1972, he graduated from the Indian Institute of Technology, Kharagpur with a bachelor's degree in mechanical engineering.[2][3]

Career

From 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.[4] 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.[4]

In 1978, he moved to the United States, where he earned an MBA from Harvard Business School and joined McKinsey & Co.. He returned to India in the early 1980s and married. They then moved back to the United States, as his wife preferred to live there.[5]

In 1986, he left McKinsey to work on insurance operations for Buffett. Jain was invited by his former boss, Michael Goldberg, who had left McKinsey & Co to join Berkshire Hathaway in 1982.[4] At the time, he said he knew little about the insurance business.[6] Today, Jain is the President of Berkshire Hathaway Insurance group.[7]

In the annual letter to shareholders on 2014, it is suggested that both he and Greg Abel could be appropriate successors for Warren Buffett as CEO of Berkshire Hathaway.[8][9] Jain lives in the New York City area, in the U.S. state of Connecticut.[10]

Philanthropy

In 2005, Ajit Jain established the Jain Foundation in the hopes of curing dysferlinopathy, also called LGMD2B or Miyoshi myopathy. It is a non-profit foundation located in Seattle, Washington.[11]

See also

References

  1. ↑ 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.
  2. ↑ "Ajit Jain leads pack to take over from Warren Buffett". Hindustan Times. 2012-05-08.
  3. ↑ 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.
  4. 1 2 3 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.
  5. ↑ "Ajit Jain: Berkshire's next Oracle?". Rediff India Abroad. 2009-03-06. Retrieved 2010-05-15.
  6. ↑ Urban, Rob (2006-07-11). "Jain, Buffett Pupil, Boosts Berkshire Cash as Succession Looms". Bloomberg News. Retrieved 2006-07-23.
  7. ↑ "First Indian venture of US conglomerate Berkshire Hathaway". Warc. 2012-12-18. Retrieved 2013-01-23.
  8. ↑ "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
  9. ↑ "Ajit Jain may head Buffett firm". The Asian Age. Press Trust of India (PTI). 2015-03-02.
  10. ↑ 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.
  11. ↑ "Mission". Jain Foundation.

Further reading

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