3.01%QQQQ 43.66 3.24%XLF 20.98 4.90%
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NEW YORK - General RE Corp. chief executive Joseph Brandon has resigned a week after a report that federal prosecutors have been pressuring corporate parent Berkshire Hathaway Inc. to replace him.
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Brandon's departure, effective immediately comes after four executives at the reinsurer were convicted of fraud in February. They were found guilty of engaging in a sham deal to deceive investors of insurer American International Group. Brandon had been named an unindicted co-conspirator in the case. He was not charged with a crime.
Last week, the Wall Street Journal reported that U.S. prosecutors had been pressing Omaha, Nebraska-based Berkshire Hathaway to replace Brandon as part of a move to end the government's investigation of General Re.
Berkshire Hathaway said Brandon would be replaced by Franklin Montross, the current President of General Re.
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