False Claim Over Berkshire Spurs CEO Exit at Brazil’s IRB
- IRB allegedly hyped Berkshire-owned stake to calm investors
- Top management quit Wednesdsay after Berkshire said not true
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The Brazilian re-insurer that made false claims about a Berkshire Hathaway Inc. investment is scrambling to contain the fallout.
IRB Brasil Resseguros SA’s chief executive officer and finance chief resigned late Wednesday, just days after its chairman quit. In an impromptu conference call Thursday, their interim replacements sought to calm investors and move past the month-long drama that has wiped out more than half its market value -- about $5.3 billion through Wednesday’s close.