CEO of Berkshire's General Re Unit Quits
Joseph Brandon, the chairman and chief executive of General Re, a unit of Warren Buffett's
Berkshire Hathaway
(BRK.A) - Get Report
, resigned Monday, just days after a published report said the U.S. government was pressing for his dismissal.
Franklin Montross, president of General Re, will replace Brandon as chairman and CEO of the Berkshire division.
Last week,
The Wall Street Journal
, citing people with knowledge of the matter, said federal prosecutors told Berkshire they wanted Brandon ousted. According to the report, investigators claimed that Brandon was an "unindicted alleged co-conspirator" in a series of sham transactions that were set up to boost the earnings and share price of
AIG
(AIG) - Get Report
, a top client of General Re.
Shares of Berkshire were down $300, or 0.2%, at $130,000 in recent trading.
This article was written by a staff member of TheStreet.com.