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June 20, 2018

Amazon, Berkshire, JPMorgan name Atul Gawande CEO of healthcare venture

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FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, February 20, 2017. REUTERS/Pascal Rossignol/File Photo

Berkshire Hathaway (NYSE:BRKa) Inc, Amazon.com Inc (NASDAQ:AMZN) and JPMorgan Chase & Co (NYSE:JPM) on Wednesday named Atul Gawande as the chief executive officer of their health venture.

The new company would be based in Boston and operate free from profit-making incentives, the companies said in a joint statement.

The three companies announced in January that they would form a healthcare company aimed at cutting costs for their U.S. employees, rattling shares of the healthcare supply chain, including CVS Health (NYSE:CVS), Express Scripts ESRX.O>, among others.

Gawande practices general and endocrine surgery at Brigham and Women’s Hospital, and is a professor at the Harvard T.H. Chan School of Public Health and Harvard Medical School.

“All felt that better care can be delivered and that rising costs can be checked … we have found in Atul the leader who will get this important job done,” Berkshire Hathaway Chairman and CEO, Warren Buffett said.

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