Mon. May 04, 2009; Posted: 02:27 AM
London, May 03, 2009 (Asia Pulse Data Source via COMTEX) -- BRK/A | Quote | Chart | News | PowerRating -- India-born Ajit Jain could be in race to replace billionaire investment guru Warren Buffett as the the chief executive of Berkshire Hathaway, according to a media report.
As per a report appearing in The Telegraph, Buffet was quoted as saying that all the candidates, including Jain are already working for the company.
After over 40 years, Buffett's job would be split between his son Howard, who will become the chairman, and the yet unidentified chief executive and chief investment officer.
The report said, "Buffett, 78, said all the candidates for the position of chief executive already work for Berkshire Hathaway. Among the contenders for the post are David Sokol, head of Berkshire's MidAmerican Energy; Tony Nicely, who runs the investment company's Geico car insurance business; and Ajit Jain, who runs its re-insurance business." Another leading daily the Sunday Times said though Buffett refused to name the people who will become Berkshire's next chief executive or its next chief investment officer he said three of Berkshires internal managers are candidates to be chief executive.
He said the board has a list of four internal and external investment managers who could manage Berkshires portfolio.
Buffett said his four replacement candidates had failed to dodge the financial crisis this year.
As per the Sunday Times, at Berkshire's annual meeting in Omaha, the legendary investor said that his preferred replacements "did not cover themselves in glory" this year but added: "I did not either. I am very tolerant in that respect." Buffett further said "but their average over 10 years has been modestly to significantly better than average, and I would say that would be the case over the next 10 years." "The candidates we have for CEO are running businesses, doing things every day of an operating nature," said Buffett. "These are people who are ready for the job right now 100 per cent," the report added.
In the Shareholders meeting held on May 2, Buffett said the world had been hit by a "financial hurricane". He said he was impressed by the government's reaction to the crisis. Buffett said the American government was "doing the right things".
Last year, Buffett said the US faced an "economic Pearl Harbor".
Regarding his investments in the US banking sector, the Telegraph quoted Buffett as saying that he would "love to buy all of Wells Fargo" if he were allowed to. When the US bank's share price fell below USD 9 (6 pound) earlier this year, he said: "If I had to put all my net worth in one stock, that would be the stock."
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