Berkshire Hathaway Inc. says the chief executive of its Missouri-based Helzberg Diamond unit has resigned, but Warren Buffett's company did not say why.
Berkshire said in a statement that Marvin Beasley decided to resign effective Monday. He will be replaced by Beryl Raff, who had been managing J.C. Penney's jewelry division.
Berkshire CEO and Chairman Buffett said in the statement that Raff will bring merchandising instinct and analytical sharpness to the job.
Helzberg Diamonds is based in Kansas City, Mo., and has nearly 270 retail jewelry stores nationwide.
Berkshire owns two gold jewelry manufacturers, Bel-Oro International and Aurafin, and the jewelry retailer Borsheim's, among the company's more than 60 subsidiaries. Berkshire also owns insurance, furniture, and utility companies.