Berkshire Hathaway nominates Wally Weitz to fill open board seat -Breaking
(Reuters) – Warren Buffett’s Berkshire Hathaway, (NYSE:) Inc, Friday announced that Wally Weitz has been nominated by the company to be a director. Wally Weitz is the founder and CEO of Weitz Investment Management. Wally’s nomination comes after Tom Murphy, former chief of Capital Cities/ABC Inc, resigned.
Berkshire disclosed the nomination in its annual proxy filing, ahead of Omaha-based company’s April 30, annual meeting. Shareholders will then vote.
Murphy is a close friend of Buffett and decided last month that he would resign as chairman of Berkshire after an encounter with COVID-19.
Berkshire fell out of compliance to the New York Stock Exchange Rules that require an independent majority of directors.
Weitz, 72 years old, established his Omaha-based business in 1983. As of December 31, it had assets totaling $4.1 billion.
Berkshire stated that Wallace Weitz brought to the board his extensive financial experience as both an investor and director in public companies.
After Weitz was appointed, Berkshire would now have fifteen members to its board. Eight of these are considered independent.
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