The sixty six-year-old insurance chief of Bershire Hathaway Ajit Jain will be the next vice chairman of Berkshire Hathaway's insurance operations, Warren Buffett announced on Wednesday. Along with Jain, Buffett also promoted Gregory Abel to the post of CEO of Berkshire Hathaway Energy. Ajit's promotion is being seen as a step closer to him taking over the reins of conglomerate as the CEO. Soon after graduating in mechanical engineering from IIT Kharagpur, Ajit Jain worked as a salesman for IBM for three years for their data processing operations until 1976. Both Jain and Abel were added to the board of company, increasing the number of directors to 14 from currently a dozen.
Five Things To Know About Ajit Jain
1. Ajit Jain graduated from the IIT Kharagpur in India with a BTech in mechanical engineering in 1972.
2. Ajit Jain is an older cousin of Anshu Jain, who is the president of Cantor Fitzgerald and the former Co-CEO of Deutsche Bank.
3. In 1978, Ajit Jain went to the US, where he studied for a management degree from Harvard University. He returned to India to tie the marital knot in the early 1980s but returned to the United States.
4. Warren Buffett, while lauding Ajit Jain, once said, "If there were ever to be another Ajit and you could swap me for him, don't hesitate. Make the trade!"
5. Buffett was so impressed with Jain and his dedication for work that he even wrote a letter to his parents asking for one more Ajit. His family liked the gesture so much so that they framed Buffett's letter and hung on the living room's wall.