To recover conformity with the New York Stock Exchange, Berkshire Hathaway Inc. BRK.A, -2.47% BRK.B, -2.63% stated that its board will select a new independent director as soon as possible.
The Omaha, Nebraska-based corporation, which holds businesses such as insurer Geico, railroad BNSF Railway, and sportswear manufacturer Brooks Running, stated on Monday that the exchange alerted Berkshire of the violation. This is due to the death of director David Gottesman last month.
Prior to Gottesman’s death, Berkshire’s board consisted of eight independent directors and seven non-independent directors; however, with Gottesman’s demise, the business no longer had the majority of independent directors needed by the NYSE.
The business stated in a regulatory filing, “The Berkshire Hathaway Board of Directors intends to select a new independent director as soon as possible.”