Who is Ajit Jain, the India-born star executive likely to lead Warren Buffett's Berkshire Hathaway
There's little doubt that Warren Buffett trusts Ajit Jain the most. Buffett, on several occasions, has openly praised Jain for his ability to handle critical operations with "capacity, speed and decisiveness", and credited him for creating billions for Berkshire Hathaway's shareholders.
- May 6, 2019,
- Updated May 6, 2019 3:23 PM IST
Rumours are rife that India-born Ajit Jain, who currently serves as the President of Berkshire Hathaway's Reinsurance Group, may lead the $530 billion (Rs 36.74 lakh crore) firm in future, succeeding Warren Buffett at the helm of the company. The billionaire investor dropped a hint on his succession plans at the firm's Annual General Meeting (AGM) on Saturday.
Without, responding directly, Buffett did say that Gregory Abel, 57, and Ajit Jain, 67 - both elevated last year to the board of directors - would in near future join him and his long-time business partner Charlie Munger, 95, on the stage to answer shareholder questions.
Although Buffett did not confirm anything at the AGM of the company, he, however, praised the two executives during the event and said that Berkshire Hathaway cannot have better-operating managers than Greg and Ajit and he admires their achievements. The billionaire investor is popularly known as the 'Oracle of Omaha.'
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In 2014, Buffett said he and his 94-year-old partner Charlie Munger had a name in mind. He said, "our future CEOs should come from internal candidates whom the Berkshire board has grown to know well". Buffett thinks the company would "operate best if its CEOs average well over ten years at the helm".
He said these factors were important for Berkshire's business acquisitions and investment moves. "Both the board and I believe we now have the right person to succeed me as CEO - a successor ready to assume the job the day after I die or step down. In certain important respects, this person will do a better job than I am doing," he said in his annual company letter.
One thing is obvious that Buffett wants his future CEO to be motivated by passion, not money. According to CNBC, his successor would be "somebody that's already very rich" and would be working with Berkshire Hathaway for quite a long time. His statement also makes it clear that Buffett is not looking for someone outside the company but within his multi-billion empire.
Rumours are rife that India-born Ajit Jain, who currently serves as the President of Berkshire Hathaway's Reinsurance Group, may lead the $530 billion (Rs 36.74 lakh crore) firm in future, succeeding Warren Buffett at the helm of the company. The billionaire investor dropped a hint on his succession plans at the firm's Annual General Meeting (AGM) on Saturday.
Without, responding directly, Buffett did say that Gregory Abel, 57, and Ajit Jain, 67 - both elevated last year to the board of directors - would in near future join him and his long-time business partner Charlie Munger, 95, on the stage to answer shareholder questions.
Although Buffett did not confirm anything at the AGM of the company, he, however, praised the two executives during the event and said that Berkshire Hathaway cannot have better-operating managers than Greg and Ajit and he admires their achievements. The billionaire investor is popularly known as the 'Oracle of Omaha.'
Also Read:
In 2014, Buffett said he and his 94-year-old partner Charlie Munger had a name in mind. He said, "our future CEOs should come from internal candidates whom the Berkshire board has grown to know well". Buffett thinks the company would "operate best if its CEOs average well over ten years at the helm".
He said these factors were important for Berkshire's business acquisitions and investment moves. "Both the board and I believe we now have the right person to succeed me as CEO - a successor ready to assume the job the day after I die or step down. In certain important respects, this person will do a better job than I am doing," he said in his annual company letter.
One thing is obvious that Buffett wants his future CEO to be motivated by passion, not money. According to CNBC, his successor would be "somebody that's already very rich" and would be working with Berkshire Hathaway for quite a long time. His statement also makes it clear that Buffett is not looking for someone outside the company but within his multi-billion empire.