CEO of Berkshire Hathaway's Gen Re to step down by year's end

Tad Montross will step down as president and CEO of General Reinsurance Corp. by the end of the year, Gen Re confirmed Tuesday.

Mr. Montross reported to Berkshire Hathaway Inc. Chairman Warren Buffett. But Gen Re confirmed that his successor will report to Ajit Jain, president of Berkshire Hathaway Reinsurance Group.

“We would prefer to abstain from further comments at this point in time,” said a Gen Re spokeswoman in an email.

Mr. Jain had been previously mentioned in media reports as a possible successor to Mr. Buffett. Mr. Buffett has given no indication that he plans to retire soon.