Thursday 6 June 2019

Berkshire’s Todd Combs set to join Paytm board

Berkshire’s Todd Combs set to join Paytm boardBENGALURU: Todd Combs, one of the top lieutenants of storied investor Warren Buffett at Berkshire Hathaway, will join the board of mobile payments major Paytm, people aware of the matter said. 

Coming aboard with Combs on Paytm’s board would be Yao Michael, SVP, head of corporate finance at Alibaba group. Michael would replace Joseph Tsai, founding member and executive vice-chairman of Alibaba group, on the board. 

Combs is considered Buffett’s successor and as chief investment officer (CIO) led the $300-million investment in Noida-based Paytm in August last year. The deal was the first such investment by Berkshire, which had typically stayed away from technology investment, in a private investment company across the world. Combs, an MBA from the Columbia Business School, who ran a hedge fund before joining Berkshire in 2010, also sits on the board of JP Morgan Chase, the largest bank in the US. 

An emailed query sent to the spokesperson of Berkshire Hathaway and Alibaba did not elicit any response. Paytm declined to comment on the development.

Paytm’s existing board members include Ant Financial CEO Eric Jing, Mark Schwartz, vice-chairman — Goldman Sachs Group and chairman of Goldman Sachs in Asia-Pacific, Ravi Adusumalli — SAIF Partners, Munish Varma, managing partner at SoftBank, and Pallavi Shroff, founder and managing partner of law firm Shardul Amarchand Mangaldas.

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