Businessman
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] 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.[3]
Education
In 1972, Jain graduated from the IIT Kharagpur in India with a BTech degree in Mechanical Engineering.[4][5]
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.[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.[11]
Jain lives in the New York City area.[12]
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.[13][14] 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
References
- ↑ Warren Buffett testing Indian market(2003-06-27). Retrieved 2007-03-24.
- ↑ Warren Buffett takes a step closer to naming a successor as Berkshire appoints Abel and Jain to board as vice chairs. CNBC(2018-01-10). 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).
- ↑ In Ajit Jain, Some See Next Buffett. The Wall Street Journal(2012-05-05). Retrieved 2015-04-05.
- ↑ 6.0 6.1 6.2 The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers{{#if:|, {{{last}}}}. John Wiley & Sons(2001). ISBN 0-471-44259-3
- ↑ Ajit Jain: Berkshire's next Oracle?. Rediff India Abroad(2009-03-06). Retrieved 2010-05-15.
- ↑ Jain, Buffett Pupil, Boosts Berkshire Cash as Succession Looms. Bloomberg News(2006-07-11). Retrieved 2006-07-23.
- ↑ Berkshire Hathaway Shareholder Letter for 2014.
- ↑ Ajit Jain may head Buffett firm. The Asian Age(2015-03-02).
- ↑ Warren Buffett takes a step closer to naming a successor as Berkshire appoints Abel and Jain to board as vice chairs, Kim, Tae(10 January 2018). Retrieved 10 January 2018.
- ↑ Meet Ajit Jain, the man in charge of Warren Buffett's profit machine. Omaha World-Herald(May 2, 2015). 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
- Matthews, Jeff, "Secrets in Plain Sight: Business and Investing Secrets of Warren Buffett," eBooks On Investing, 2012.