- Fairfax India Holdings Corp. (TSX:FIH.U) announced that its chairman, Prem Watsa, will step down from the job
- The investment firm stated that he will remain on the board of directors while his son, Benjamin Watsa will be appointed as chairman of the board effective July 1
- Popularly known as “Canada’s Warren Buffett,” the Canadian billionaire is also the founder and CEO of insurer Fairfax Financial Holdings Ltd. (TSX:FFH), with a market capitalization of C$39 billion and is the controlling shareholder of Fairfax India
- Fairfax India Holdings Corp. last traded at US$13.81 per share
Fairfax India Holdings Corp. (TSX:FIH.U) announced that its chairman, Prem Watsa will step down from the job.
The investment firm stated that he will remain on the board of directors while his son, Benjamin Watsa will be appointed as chairman of the board effective July 1, 2024.
Popularly known as “Canada’s Warren Buffett,” the Canadian billionaire is also the founder and CEO of Fairfax Financial Holdings Ltd. (TSX:FFH), an insurer with a market capitalization of C$39 billion and is the controlling shareholder of Fairfax India.
The current CEO of Fairfax India, Chandran Ratnaswami, will become executive vice chairman of Fairfax India also on July 1. He has been CEO of Fairfax India since its inception in 2015.
“Fairfax India has thrived under Chandran’s leadership since its inception nine years ago,” Prem Watsa said in a news release. “We are so fortunate to have the executive depth within the Fairfax family to continue, as we have in the past, to execute sound succession planning. Chandran, Gopal, Sumit and myself are focused on continuing to grow Fairfax India over the long term.”
Fairfax India Holdings Corp. is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses.
Fairfax India Holdings Corp. (TSX:FIH.U) stock last traded at US$13.81 per share and is up 4.7 per cent since this time last year.
Join the discussion: Find out what everybody’s saying about this stock on the Fairfax India Holdings Corp. Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top image: Horatio Alger Association of Canada)