Jain promoted to expanded Berkshire Hathaway board of directors
Ajit Jain, widely regarded as the architect of the success of the reinsurance side of Berkshire Hathaway’s business for many years, has been given a seat on the board of directors of the whole company, filling the new role of vice chairman of the insurance division.
Berkshire Hathaway has created two new positions on its board. Jain fills one while Gregory Abel, the chairman and CEO of Berkshire Hathaway Energy Company, fills to other position as vice chairman of non-insurance business operations.
The promotions are seen as the latest step by Berkshire Hathaway to plan for when Warren Buffett, the company's chairman and CEO and Charles Munger, vice chairman, retire.
Jain joined the Berkshire Hathaway Insurance Group in 1986 and currently serves as executive vice president of National Indemnity Company with overall responsibility for leading Berkshire’s reinsurance operations.
Buffett and Munger will continue in their existing positions for now, including being responsible for significant capital allocation decisions and investment activities.
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