Chief Executive Officer Warren Buffett said David L. Sokol, chairman of several units of the company, has resigned.
Sokol, who had talked about leaving twice before, plans to invest for his family and pursue philanthropic interests, Buffett said, citing Sokol’s resignation letter received yesterday. Buffett said he was surprised by the move.
Berkshire’s proposed acquisition of Lubrizol Corp. (LZ) was first suggested by Sokol on Jan. 14 or Jan. 15, Buffett said. Sokol had purchased shares in Lubrizol in December and January before discussing the matter with Buffett.
“Neither Dave nor I feel his Lubrizol purchases were in any way unlawful,” Buffett said. “He has told me that they were not a factor in his decision to resign.”
With Sokol’s departure, Greg Abel, presently president and CEO of MidAmerican Holding Co., will become its chairman; Todd Raba, president and CEO of Johns Manville, will become its chairman; and Jordan Hansell, president of NetJets, will become its chairman and CEO, according to the statement.
Source http://www.bloomberg.com/news/2011-03-30/buffett-says-sokol-resigned-bought-lubrizol-shares-before-deal.html