Berkshire Hathaway has appointed two new executive directors to its board of directors.
The firm, chaired by billionaire investor Warren Buffett, named Donald Keough, a former president of Coca-Cola Co., and Thomas Murphy, formerly chief executive at broadcaster Capital Cities/ABC, as directors, expanding Berkshire's board from seven to nine, and putting independent directors in the majority.
Keough is chairman of DMK International, an investment firm, and chairman of Allen and Co. Inc., a boutique investment bank. He was president at Coca-Cola from 1981 to 1993 where he dealt with Buffett, who has long been Coca-Cola's largest shareholder.
Murphy served as the chief executive of broadcaster Capital Cities/ABC from 1966 to 1990, during which time Berkshire was a major shareholder.
This move is widely expected to put Berkshire Hathaway in proper accordance with forthcoming SEC regulations regarding board of directors.
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