Buffett’s company adds former director’s son to its board

Dec 19, 2022, 9:40 AM | Updated: 9:50 am
FILE - Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview in Omaha, Neb....

FILE - Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview in Omaha, Neb., May 7, 2018. Buffett's company is adding the son of one of its former directors to its board. Berkshire Hathaway said Monday, Dec. 19, 2022 that Thomas Murphy Jr. who co-founded a private equity firm called Crestview Partners, will join its board. (AP Photo/Nati Harnik, File)

(AP Photo/Nati Harnik, File)

OMAHA, Neb. (AP) — Warren Buffett’s company is adding the son of one of its former directors to its board.

Berkshire Hathaway said Monday that Thomas Murphy Jr., who co-founded the Crestview Partners private equity firm in 2004, will join its board. His dad, Thomas Murphy, was a longtime friend of Buffett’s and had served as the chairman of Berkshire’s board in the past and previously led Capital Cities/ABC.

The elder Murphy resigned from Berkshire’s board in February before his death in May.

The younger Murphy will replace David Gottesman who died in September. Gottesman’s death left Berkshire out of compliance with New York Stock Exchange rules that require a majority of a company’s board to be independent directors.

Berkshire is an Omaha, Nebraska-based conglomerate that Buffett has led since 1965. It owns more than 90 companies including Geico insurance, BNSF railroad, several major utilities and an assortment of manufacturing and retail businesses such as Precision Castparts and Dairy Queen. It also holds a sizeable stock portfolio with major investments in iconic companies like Apple, Coca-Cola and American Express.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

New rules would limit sugar in school meals for first time

U.S. agriculture officials on Friday proposed new nutrition standards for school meals, including the first limits on added sugars, with a focus on sweetened foods such as cereals, yogurt, flavored milk and breakfast pastries. The plan announced by Agriculture Secretary Tom Vilsack also seeks to significantly decrease sodium in the meals served to the nation’s […]
10 hours ago
A construction worker pauses at a building site, Thursday, Jan. 26, 2023, in Boston. America's empl...
Associated Press

An unexpected job surge confounds the Fed’s economic models

WASHINGTON (AP) — Does the Federal Reserve have it wrong? For months, the Fed has been warily watching the U.S. economy’s robust job gains out of concern that employers, desperate to hire, will keep boosting pay and, in turn, keep inflation elevated. But January’s blowout job growth coincided with an actual slowdown in wage growth. […]
10 hours ago
Ukrainian President Volodymyr Zelenskyy, center, speaks with European Council President Charles Mic...
Associated Press

EU prepares more Russia sanctions; Kremlin readies offensive

KYIV, Ukraine (AP) — The European Union will unveil its 10th package of sanctions against Russia on Feb. 24 to mark the anniversary of Moscow’s full-scale invasion of Ukraine, a senior official from the bloc said in Kyiv on Friday, as Ukrainian forces gird for an expected Russian offensive in the coming weeks. The sanctions […]
10 hours ago
New Mexico Gov. Michelle Lujan Grisham delivers her State of the State address on the opening day o...
Associated Press

New Mexico legislators may block local abortion ordinances

SANTA FE, N.M. (AP) — A standoff over abortion in politically conservative regions of New Mexico is looming as Democratic state legislators present a bill that would prohibit local governments from interfering with women’s access to reproductive health care. The initiative from state House Democrats responds to abortion restrictions recently adopted in two counties and […]
10 hours ago
Associated Press

NFL will offer free CPR training during Super Bowl week

Inspired by the lifesaving medical attention Damar Hamlin received on the field during a game last month, the NFL and American Heart Association will provide free CPR education in Arizona throughout Super Bowl week as part of the NFL Experience at the Phoenix Convention Center. Hamlin, the 24-year-old Buffalo Bills defensive back, needed to be […]
10 hours ago
FILE- In this Feb. 14, 2018, file photo the logo for Alphabet appears on a screen at the Nasdaq Mar...
Associated Press

Big tech roils markets after shaky quarterly performances

Wall Street has its eyes on big tech after some of the biggest companies in the world posted lackluster quarterly financial performances. That included Apple Inc. The company posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season. […]
10 hours ago

Sponsored Articles

...
Quantum Fiber

How high-speed fiber internet edges out cable for everyday use

In a world where technology drives so much of our daily lives, a lack of high-speed internet can be a major issue.
(Desert Institute for Spine Care photo)...
DESERT INSTITUTE FOR SPINE CARE

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
(Photo via MLB's Arizona Fall League / Twitter)...
Arizona Fall League

Top prospects to watch at this year’s Arizona Fall League

One of the most exciting elements of the MLB offseason is the Arizona Fall League, which began its 30th season Monday.
Buffett’s company adds former director’s son to its board