Ajit Jain

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Ajit Jain (born July 23, 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. Alit Jain is an older cousin of Anshu Jain, who currently heads the Deutsche Bank as Co-CEO[2]

Education[edit]

In 1972, he graduated from the Sir M. Visvesvaraya Institute of Technology with a bachelor's degree in mechanical engineering.[3][4]

Career[edit]

From 1973 to 1976, Jain worked for IBM as a salesman for their data-processing operations in India, where he was named "Rookie of the Year" for his region.[5]

In 1976, the Indian government passed some laws that required multinationals to have some Indian ownership. Most of the multinationals caved in but Coca Cola and IBM refused and pulled out of India, causing Jain to be jobless.[5]

In 1978, he moved to the United States, where he earned an MBA from Harvard Business School. He joined McKinsey & Co., but returned to India in the early 1980s. After a monthlong courtship, he married Tinku Jain, a girl his parents introduced him to. Then he went back to the United States to work for McKinsey. According to Robert P. Miles' book The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers, Jain said he would not have returned to America, but his wife wanted to move there.[6]

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. [7] At the time, he said he knew little about the insurance business.[8] Today, Jain is the President of Berkshire Hathway Insurance group.[9]

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.[10][11]

Philanthropy[edit]

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.[12]

See also[edit]

References[edit]

  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. ^ "Die Jains regieren die Welt". Handelsblatt. Holtzbrinck Group. 2012-06-01. 
  3. ^ "Ajit Jain leads pack to take over from Warren Buffett". Hindustan Times. 2012-05-08. 
  4. ^ 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. 
  5. ^ a b Miles, Robert P. (2001). The Warren Buffett CEO : secrets from the Berkshire Hathaway managers. New York: John Wiley & Sons. ISBN 0-471-44259-3. 
  6. ^ "Ajit Jain: Berkshire's next Oracle?". Rediff India Abroad. 2009-03-06. Retrieved 2010-05-15. 
  7. ^ Miles, Robert P. (2001). The Warren Buffett CEO : secrets from the Berkshire Hathaway managers. New York: John Wiley & Sons. p. 70. ISBN 0-471-44259-3. 
  8. ^ Urban, Rob (2006-07-11). "Jain, Buffett Pupil, Boosts Berkshire Cash as Succession Looms". Bloomberg News. Retrieved 2006-07-23. 
  9. ^ "First Indian venture of US conglomerate Berkshire Hathaway". Warc. 2012-12-18. Retrieved 2013-01-23. 
  10. ^ "Berkshire Hathway Shareholder Letter for 2014" (PDF). his successors would not be 'of only moderate ability.' For instance, Ajit Jain and Greg Abel are proven performers 
  11. ^ "Ajit Jain may head Buffett firm". The Asian Age. Press Trust of India (PTI). 2015-03-02. 
  12. ^ "Mission". Jain Foundation. 

Further reading[edit]

  • Miles, Robert P., "The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers," John Wiley & Sons Inc., 2003.
  • Matthews, Jeff, "Secrets in Plain Sight: Business and Investing Secrets of Warren Buffett," eBooks On Investing, 2012.