Warren Buffett’s Berkshire Hathaway Inc. said Joseph Brandon has decided to resign as chairman and chief executive of its General Re Corp reinsurance unit, effective Monday.
Franklin “Tad” Montross, General Re’s president, will replace Brandon as chairman and chief executive.
Berkshire did not in a statement give a reason for Brandon’s departure. The company did not immediately return a request for comment.
Brandon was once considered a leading candidate to replace the 77-year-old Buffett at Berkshire’s helm. His status grew less certain when the U.S. Securities and Exchange Commission notified him in 2005 that he could face charges that he had violated U.S. securities laws.
General Re was involved in a complex transaction in 2000 with the insurer American International Group Inc, which led to fraud convictions this year of four former General Re executives.
(Reporting by Jonathan Stempel, editing by Gerald E. McCormick)