Canadian billionaire Prem Watsa to step down as Fairfax India chairman

Fairfax India Holdings Corp on Monday said Prem Watsa, popularly known as “Canada’s Warren Buffett”, will step down as the investment firm’s chairman.

He will be replaced by his son Benjamin Watsa, effective July 1, as chair but will continue to serve as a director on the board, the company said.

The firm also hired insider Gopalakrishnan Soundarajan as its new CEO, replacing Chandran Ratnaswami, who will transition to the role of executive vice chairman.

Prem Watsa is also the founder and CEO of Canada-based insurer Fairfax Financial Holdings. The company has a market capitalization of roughly C$37-billion (US$27.15-billion), according to LSEG.

Fairfax Financial Holdings is the controlling shareholder of Fairfax India, which was founded in 2014 to invest in Indian businesses over the long-term.