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

OMAHA, Neb. (AP) -- Warren Buffett's company is adding the son of one of its former directors to 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. 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. 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.