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

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.