Buffett’s Firm Names Independent Directors
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Billionaire investor Warren Buffett jumped into line with proposed corporate governance rules as his Berkshire Hathaway Inc. appointed two independent directors.
Berkshire named Donald Keough, a former president of Coca-Cola Co., and Thomas Murphy, formerly chief executive at Capital Cities/ABC Inc., as directors, putting independent directors in the majority on the board.
Although Buffett is known as a beacon of good management, his company’s board has long dismayed corporate governance experts. The board included Buffett himself, longtime business partner Charles Munger and Buffett’s wife and son.
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