By Denny Jacob
Berkshire Hathaway Inc. said its board will appoint a new independent director as quickly as it could to regain compliance with the New York Stock Exchange.
The Omaha, Neb.-based company, which owns businesses ranging from insurer Geico and railroad BNSF Railway to sportswear maker Brooks Running, said the exchange notified Berkshire of its noncompliance on Monday. This is due to director David Gottesman's death last month.
Berkshire's board consisted of eight independent directors and seven non-independent directors prior to Mr. Gottesman's death, but his passing resulted in the company not currently consisting of a majority of independent directors as required by the NYSE, the company said.
"It is the intention of the Berkshire Hathaway Board of Directors to appoint a new independent director as soon as practicable," the company said in a regulatory filing.
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