Berkshire Hathaway Nominates Wally Weitz | Stock Market News Today

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Berkshire Hathaway’s shareholders meeting in 2019 in Omaha, Neb.



Photo:

Nati Harnik/Associated Press

Berkshire Hathaway Inc.


BRK.B 0.40%

has nominated

Wally Weitz,

founder and co-chief investment officer of Weitz Investment Management, to the board vacancy created by the resignation of longtime Berkshire director

Tom Murphy.

Warren Buffett

had said that Mr. Murphy, a friend and business mentor who built a media empire that became Capital Cities/ABC, called him and said that his recovery from a recent Covid-19 infection convinced him that he would feel more comfortable stepping down.

With independent directors no longer representing a majority of Berkshire’s board, Berkshire fell out of compliance with the New York Stock Exchange’s rules.

Mr. Weitz, 72 years old, would be considered an independent director.

He is expected to stand for election with 14 current directors at the company’s annual meeting, slated to be held on April 30 at the CHI Health Center in Omaha, Neb. Weitz Investment Management is based in Omaha.

Write to Maria Armental at maria.armental@wsj.com

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