General Re Names New CEO, Chairman

General Re Corp. named Vice President Joseph Brandon its next chief executive and chairman as veteran leader Ronald Ferguson prepares to retire after 33 years with the company.

Brandon, 42, will take over Oct. 1 as chief executive of General Re, which is owned by Warren Buffett’s holding company, Berkshire Hathaway Inc. He will become chairman in June 2002, when Ferguson, 59, retires. Ferguson will remain as a consultant to the company.

Ferguson built General Re into one of the world’s largest and most profitable reinsurers in his 14 years at the helm. But results have nose dived since 1998, when Berkshire bought the company. General Re has lost $2.8 billion on its underwriting since the acquisition.

Berkshire Hathaway’s Class A stock closed unchanged at $69,400 on the NYSE.