Buffett's Berkshire extends board shuffle as Tom Murphy resigns

(Reuters) - Berkshire Hathaway Inc said Tom Murphy, the former head of Capital Cities/ABC Inc and longtime friend of Warren Buffett, has resigned from its board of directors after a bout with COVID-19.

In a statement, Buffett said the 96-year-old Murphy phoned him on Monday and said his recovery "convinced him that he would feel more comfortable ending his activities at Berkshire. I accepted his wish. He will continue as a major shareholder and friend."

Murphy had been a Berkshire director since 2003.

His departure followed the 2020 exit from the board of Bill Gates, another friend of Buffett's and co-founder of Microsoft Corp, after 16 years of service. Another director, Walter Scott, died in September.

Gates was replaced by Ken Chenault, the former chief executive of American Express Co, a large Berkshire investment.

In 2021, Berkshire added Buffett's daughter Susan Buffett and fund manager Christopher Davis, the chairman of Davis Select Advisors, to its board.

Berkshire did not immediately name a replacement for Murphy. Three other Berkshire directors are in their 90s: Buffett, Berkshire vice chairman Charlie Munger, and businessman David "Sandy" Gottesman.

"Tom Murphy has taught me more about running a business than any other person," Buffett said. "We have been friends and mental partners for more than 50 years. My only regret is that I didn't meet him earlier."

(Reporting by Jonathan Stempel in New York; Editing by Chris Reese)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Tunisia coast guard recovers eight bodies of migrants whose boat sank
• Iran says Pakistan's army chief to visit Tehran on Monday
• Israeli airstrikes in Gaza kill two people, including a 4-year-old boy, medics say