The prominent Canadian investor, whose Toronto-based holding company Fairfax Financial also has other subsidiaries globally, will remain on the board of the India arm. He will be replaced as chair by his son, Marval Capital CEO Ben Watsa, in July. Fairfax India will also get a new CEO, Gopalakrishnan Soundarajan, as current CEO Chandran Ratnaswami becomes executive vice chairman. (The Logic)
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The prominent Canadian investor, whose Toronto-based holding company Fairfax Financial also has other subsidiaries globally, will remain on the board of the India arm. He will be replaced as chair by his son, Marval Capital CEO Ben Watsa, in July. Fairfax India will also get a new CEO, Gopalakrishnan Soundarajan, as current CEO Chandran Ratnaswami becomes executive vice chairman. (The Logic)
Talking point: Fairfax India shares dipped more than three per cent. Prem Watsa also recently stepped down from BlackBerry’s board in February, after the Canadian software firm paid back its principal to Fairfax. His role as CEO and chair of Fairfax Financial remains the same. Watsa sold some shares last month for estate-planning reasons. Fairfax India’s investments include a shipping company, an electrical technology firm and Saurashtra Freight, which manages the country’s second-largest port. The 73-year-old Indian-born investor has previously said Fairfax’s India branch aimed to take advantage of a rush of IPOs and changes to the business environment under Prime Minister Narendra Modi.
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