>Anuraagt at 16:34, 24 April 2021

2021-04-24T16:34:11Z

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{{short description|Indian American executive (born 1951)}}
{{Infobox person
| name = Ajit Jain
| birth_date = {{birth date and age|1951|7|23|df=yes}}
| birth_place = [[Sundargarh]], [[Odisha]], [[India]]
| death_date =
| death_place =
| death_cause =
| nationality =
| citizenship = United States
| residence =
| education = [[IIT Kharagpur]] ([[B.Tech]])<br /> [[Harvard University]] ([[Master of Business Administration|MBA]])
| occupation = Businessman
| title = Vice Chairman of Insurance Operations, [[Berkshire Hathaway]]
| term =
| predecessor =
| successor =
| known for =
| boards = [[Berkshire Hathaway]]
| salary =
| networth =
| spouse = Tinku Jain (m. 1981)
| children =
| parents =
| relations =
| website =
}}
'''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.<ref>{{cite news |last1=S |first1=Anusha |last2=Krishnan |first2=Janaki |date=2003-06-27 |title=Warren Buffett testing Indian market |url=http://www.rediff.com/money/2003/jun/27buffet.htm |url-status=live |publisher=Rediff |archive-url=https://web.archive.org/web/20070310224114/http://www.rediff.com/money/2003/jun/27buffet.htm| archive-date=2007-03-10 |access-date=2007-03-24}}</ref><ref>{{Cite news|url=https://www.cnbc.com/2018/01/10/berkshire-hathaways-warren-buffett-appoints-greg-abel-and-ajit-jain-as-vice-chairmen.html|title=Warren Buffett takes a step closer to naming a successor as Berkshire appoints Abel and Jain to board as vice chairs|last=Kim|first=Tae|date=2018-01-10|work=CNBC|access-date=2018-01-12}}</ref> He was raised in India's coastal state of [[Odisha]]. Ajit Jain is an older cousin of [[Anshu Jain]], who was the former Co-CEO of [[Deutsche Bank]].<ref>{{cite web|url=https://qz.com/india/421901/the-india-born-banker-who-transformed-deutsche-bank-is-on-his-way-out/|title=The India-born banker who transformed Deutsche Bank is on his way out |publisher=[[Quartz (publication)]]|date=June 8, 2015}}</ref>

==Education==
In 1972, Jain graduated from the [[IIT Kharagpur]] in India with a BTech degree in Mechanical Engineering.<ref>{{cite news |date=2012-05-08 |title=Ajit Jain leads pack to take over from Warren Buffett |url=http://www.hindustantimes.com/business-news/ajit-jain-leads-pack-to-take-over-from-warren-buffett/article1-852774.aspx |newspaper=Hindustan Times}}</ref><ref name=wsj>{{cite news |last1=Holm |first1=Erik |last2=Ng |first2=Serena |date=2012-05-05 |title=In Ajit Jain, Some See Next Buffett |url=https://www.wsj.com/articles/SB10001424052702303877604577380593015786140 |newspaper=The Wall Street Journal |pages=B1-B2 |access-date=2015-04-05}}</ref>

==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.<ref name="Miles">{{cite book|last1=Miles|first1=Robert P.|title=The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers|date=2001|publisher=John Wiley & Sons|location=New York|isbn=0-471-44259-3|pages=[https://archive.org/details/warrenbuffettceo00robe/page/69 69–70]|url-access=registration|url=https://archive.org/details/warrenbuffettceo00robe/page/69}}</ref> 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.<ref name=Miles/>

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.<ref>{{cite web|url=http://www.rediff.com/money/2009/mar/06guest-ajit-jain-berkshire-next-oracle.htm |title=Ajit Jain: Berkshire's next Oracle? |publisher=Rediff India Abroad |date=2009-03-06 |access-date=2010-05-15}}</ref>

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.<ref name="Miles" /> At the time, he said he knew little about the insurance business.<ref>{{cite news |last=Urban |first=Rob |date=2006-07-11 |title=Jain, Buffett Pupil, Boosts Berkshire Cash as Succession Looms |url=https://www.bloomberg.com/apps/news?pid=20670001&refer=us&sid=aHlQC4xTby.8 |work=Bloomberg News |access-date=2006-07-23}}</ref>

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]].<ref>{{cite web |url=http://www.berkshirehathaway.com/letters/2014ltr.pdf |title=Berkshire Hathaway Shareholder Letter for 2014 |format=PDF |quote=his successors would not be 'of only moderate ability.' For instance, Ajit Jain and Greg Abel are proven performers}}</ref><ref>{{cite news|date=2015-03-02 |title=Ajit Jain may head Buffett firm |url=http://www.asianage.com/business/ajit-jain-may-head-buffett-firm-896 |newspaper=The Asian Age |agency=Press Trust of India (PTI) |url-status=dead |archive-url=https://web.archive.org/web/20150402100015/http://www.asianage.com/business/ajit-jain-may-head-buffett-firm-896 |archive-date=2015-04-02 }}</ref> In January 2018, Jain was named [[Berkshire Hathaway]]'s vice chair of insurance operations and appointed to Hathaway's Board of Directors.<ref>{{cite web|url=https://www.cnbc.com/2018/01/10/berkshire-hathaways-warren-buffett-appoints-greg-abel-and-ajit-jain-as-vice-chairmen.html|title=Warren Buffett takes a step closer to naming a successor as Berkshire appoints Abel and Jain to board as vice chairs|first=Tae|last=Kim|date=10 January 2018|access-date=10 January 2018}}</ref>

Jain lives in the New York City area.<ref>{{cite news|url=http://www.omaha.com/money/buffett/meet-ajit-jain-the-man-in-charge-of-warren-buffett/article_4cfe2a0a-f897-5bd3-ad8a-35f935a5baba.html|title=Meet Ajit Jain, the man in charge of Warren Buffett's profit machine|author=Steve Jordon|newspaper=Omaha World-Herald|date=May 2, 2015|access-date=April 24, 2016}}</ref>

==Philanthropy==
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.<ref name=Fortune>{{cite news|url=http://archive.fortune.com/galleries/2011/news/companies/1111/gallery.big_business_search_cures.fortune/3.html|title=It's personal: Big business searches for cures|access-date=2014-07-27|date = 2011-11-10|work=[[Fortune (magazine)|Fortune]]}}</ref><ref name="Genetic Engineering & Biotechnology News">{{cite news|url=http://www.genengnews.com/gen-news-highlights/jain-foundation-steps-up-efforts-to-find-cure-for-muscular-dystrophy/81248986/|title=Jain Foundation Steps Up Efforts to Find Cure for Muscular Dystrophy|access-date=2014-07-27|date = 2013-10-16|work=[[Genetic Engineering & Biotechnology News]]}}</ref> Jain's son Akshay is the Chairman and CEO of the Jain Foundation. Douglas Albrecht and Laura Rufibach are co-Presidents of the Jain Foundation.

==See also==
* [[List of Jains]]
* [[Indians in the New York City metropolitan region]]

==References==
{{reflist}}

== Further reading ==
* Matthews, Jeff, "Secrets in Plain Sight: Business and Investing Secrets of Warren Buffett," eBooks On Investing, 2012.
{{Berkshire Hathaway}}

{{DEFAULTSORT:Jain, Ajit}}
[[Category:American Jains]]
[[Category:Indian emigrants to the United States]]
[[Category:Harvard Business School alumni]]
[[Category:Living people]]
[[Category:1951 births]]
[[Category:Indian Institute of Technology Kharagpur alumni]]
[[Category:American businesspeople of Indian descent]]

Ajit Jain - Revision history

>Anuraagt at 16:34, 24 April 2021