Brazil's IRB Resseguros replaces CEO and CFO after shares plunge [Reuters]
Berkshire Hathaway Inc. (BRK.A)
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Source: Reuters
Brazil's IRB Resseguros replaces CEO and CFO after shares plunge SAO PAULO (Reuters) - Brazilian reinsurer IRB Brasil Resseguros SA ( IRBR3.SA ) replaced its chief executive and chief financial officer after its shares plunged nearly 32% on Wednesday after the company said that Berkshire Hathaway ( BRKa.N ) is not an investor. Werner Suffert will serve as interim CEO and has also been appointed CFO, following the resignations of CEO Jose Cardoso and CFO Fernando Passos. IRB announced late on Wednesday that it would investigate the false reports on Berkshire Hathaway’s ownership of a stake. Late on Tuesday, Berkshire, the investment company controlled by billionaire Warren Buffett, denied recent Brazilian media stories, and said Berkshire has never been and does not intend to become a shareholder in IRB. Brazilian newspaper O Estado de S. Paulo reported a week ago that Berkshire had tripled its stake in IRB and would appoint a board member. In notes to clients, analysts criticized
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