Warren Buffett's company adds former director's son to its board

(Image: Reuters)

Warren Buffett's company is adding the son of one of its former directors to its board.

Berkshire Hathaway said Monday that Thomas Murphy Jr., who co-founded the Crestview Partners private equity firm in 2004, will join its board. His dad, Thomas Murphy, was a longtime friend of Buffett's and had served as the chairman of Berkshire's board in the past and previously led Capital Cities/ABC.

The elder Murphy resigned from Berkshire's board in February before his death in May.

The younger Murphy will replace David Gottesman who died in September. Gottesman's death left Berkshire out of compliance with New York Stock Exchange rules that require a majority of a company's board to be independent directors.

Berkshire is an Omaha, Nebraska-based conglomerate that Buffett has led since 1965. It owns more than 90 companies including Geico insurance, BNSF railroad, several major utilities and an assortment of manufacturing and retail businesses such as Precision Castparts and Dairy Queen. It also holds a sizeable stock portfolio with major investments in iconic companies like Apple, Coca-Cola and American Express.