The health care venture between Berkshire Hathaway, Amazon and JPMorgan Chase will have a CEO to head the independent company within a couple of a months, according to billionaire investor Warren Buffett.
Buffett did not name any specific candidates during his annual shareholders meeting in Omaha, Nebraska.
The three corporate heavyweights -- Buffett, along with Amazon’s Jeff Bezos and JPMorgan’s Jamie Dimon -- announced the initiative, intended to reduce the health care costs of employees, in late January. Most likely, the health care venture, which they said would be “free from profit-making incentives” will be set up as a benefit corporation, which is not solely driven by maximizing profits -- although profits are welcome.
“There’s a chance, which no one can quantify, that we can do something significant,” Buffett said on Saturday. “We are positioned better than most to try.”
The Oracle of Omaha emphasized again that the three leaders would were not motivated by profiting and called health care the “tapeworm” of the U.S. economy.
“We want our employees to get better medical services at lower cost,” he said.