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Gen Re CEO steps down

/ Source: The Associated Press

The chief executive officer of General Re Corp. is resigning amid reports that federal prosecutors were pushing for his removal.

Joseph Brandon, who led one of Berkshire Hathaway's largest reinsurance subsidiaries, will be replaced by General Re's President Franklin "Tad" Montross.

Pressure for Brandon to step down Monday had increased after four former executives at the company were convicted on fraud charges.

Berkshire Hathaway Inc. spokeswoman Jackie Wilson says no one is available to discuss the leadership change at General Re.

Last week, The Associated Press reported that prosecutors had met with Berkshire Hathaway attorneys about removing Brandon, who has not been charged with crime. Brandon did receive a notice from the Securities and Exchange Commission that he was being investigated.

A spokesman for the U.S. Attorney's office in Connecticut also declined to comment Monday.

Omaha, Nebraska-based Berkshire is led by legendary investor Warren Buffett.