Brandon quits as chief of Berkshire’s General Re
Joseph Brandon, once seen as a possible successor to Warren Buffett at Berkshire Hathaway, resigned as chief executive officer of the company’s General Re after the convictions of former executives at the business.
By TNN |
NEW YORK: Joseph Brandon, once seen as a possible successor to Warren Buffett at Berkshire Hathaway, resigned as chief executive officer of the company���s General Re after the convictions of former executives at the business.
Prosecutors named Brandon as an unindicted co-conspirator at a trial where four former General Re officers, including ex-CEO Ronald Ferguson, were convicted on February 25 of fraud.
Two others previously pleaded guilty. His resignation at the reinsurance unit is effective from Monday, Omaha, Nebraska-based Berkshire said in a statement. Brandon will be replaced as CEO by Franklin Montross, the president of General Re. The pressure from the Securities and Exchange Commission and federal prosecutors was just too intense for them to keep him in his role,��� said an analyst.
Prosecutors named Brandon as an unindicted co-conspirator at a trial where four former General Re officers, including ex-CEO Ronald Ferguson, were convicted on February 25 of fraud.
Two others previously pleaded guilty. His resignation at the reinsurance unit is effective from Monday, Omaha, Nebraska-based Berkshire said in a statement. Brandon will be replaced as CEO by Franklin Montross, the president of General Re. The pressure from the Securities and Exchange Commission and federal prosecutors was just too intense for them to keep him in his role,��� said an analyst.
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