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 Warren 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
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Further reading
- Matthews, Jeff, "Secrets in Plain Sight: Business and Investing Secrets of Warren Buffett," eBooks On Investing, 2012.
