Everything Warren Buffett: CNBC: Top Exec at Berkshire Hathaway's Helzberg Diamonds Resigns, No Reason Given

Tuesday, April 7, 2009

CNBC: Top Exec at Berkshire Hathaway's Helzberg Diamonds Resigns, No Reason Given

Monday, 6 Apr 2009 | 1:41 PM ET

Warren Buffett's Berkshire Hathaway issued a news release a short time ago to announce the Chairman and CEO of one of its jewelry retailers "has decided to resign effective today."

Beryl Raff replaces Marvin Beasley as the top executive at Helzberg Diamond Shops, which has 270 retail stores around the country.

Buffett is quoted in the news release with praise for Raff, calling her "an outstanding merchant and strong multi-store retail executive" with a "finely balanced blend of merchandising instinct and analytical sharpness." She comes from J.C. Penney's jewelry operations.

The release doesn't say why Beasley is leaving and is silent on his performance as Helzberg CEO.

Berkshire doesn't put out a lot of news releases, and very few of those that are issued deal with personnel changes at subsidiaries.

The most recent example I can find is a April 14, 2008 release on the resignation of General Re CEO Joseph Brandon. He had apparently fallen victim to pressure from the Federal government for his ouster after several Gen Re executives were convicted on fraud charges.

Current Berkshire stock prices:

Class A: [US;BRK.A 91200.0 -1290.00 (-1.39%) ]