Berkshire Hathaway Inc. fell out of compliance with New York Stock Exchange’s rules when a long-time board member resigned, leaving the board of Warren Buffett’s conglomerate with less than a majority of independent directors.
Mr. Buffett said Monday that Tom Murphy, a friend and business mentor who built a media empire that became Capital Cities/ABC, had called him and said that recovering from a recent bout with Covid-19 convinced him that he would feel more comfortable stepping down.
At the time, Mr. Buffett didn’t address the board vacancy created by Mr. Murphy’s resignation. In a securities filing on Friday, the company indicated the board intends to appoint a new independent director “as soon as practicable.”