Executive Move- Berkshire Hathaway Expands Board to Favor Independents
May 19, 2003
Berkshire Hathaway has appointed two new executive directors to its board of directors.
The firm, chaired by billionaire investor Warren Buffett, named Donald Keough, a former president of Coca-Cola Co., and Thomas Murphy, formerly chief executive at broadcaster Capital Cities/ABC, as directors, expanding Berkshire's board from seven to nine, and putting independent directors in the majority.
Keough is chairman of DMK International, an investment firm, and chairman of Allen and Co. Inc., a boutique investment bank. He was president at Coca-Cola from 1981 to 1993 where he dealt with Buffett, who has long been Coca-Cola's largest shareholder.
Murphy served as the chief executive of broadcaster Capital Cities/ABC from 1966 to 1990, during which time Berkshire was a major shareholder.
This move is widely expected to put Berkshire Hathaway in proper accordance with forthcoming SEC regulations regarding board of directors.
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