Warren Buffett: Berkshire-Amazon-JPMorgan healthcare initiative to name CEO soon

The healthcare initiative formed by Berkshire Hathaway, Amazon and JPMorgan Chase could have its CEO within a couple of months, Berkshire Hathaway CEO Warren Buffet said May 5 during the company's annual shareholder meeting, according to Reuters.

The three companies announced plans in January to launch a new company aimed at cutting healthcare costs for their U.S. employees. Although there is no guarantee the new venture will succeed, Mr. Buffet said the new initiative is well positioned to try.

"We want our employees to get better medical care services at lower cost," he said during Berkshire Hathaway's shareholder meeting. "We're certainly going to give it a shot. We'll see what happens."

Mr. Buffet said getting a "great" CEO in place is the first major step to launching the healthcare venture, according to Yahoo Finance. Berkshire investment manager Todd Combs is reportedly spending 40 hours per week on the CEO search.

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