NEW YORK, March 30 (Reuters) - One of Warren Buffett's favored lieutenants at Berkshire Hathaway and his leading heir apparent resigned after buying shares in a company he then repeatedly pushed Buffett to acquire.
The resignation of David Sokol from his roles as chairman of MidAmerican Energy and NetJets is a stunning turn of events for Buffett, the 80-year-old 'Oracle of Omaha' who recently sealed a $9 billion deal for Lubrizol Corp.
Buffett said on Wednesday that Sokol bought shares of Lubrizol last December, sold them, then bought more shares in early January. He subsequently presented Buffett with the idea of buying the company.
Buffett said he was originally not in favor of the idea but warmed to it after Sokol told him of a conversation with Lubrizol's chief executive officer. He did not elaborate on the details of that conversation.
Buffett said he did not feel Sokol's purchases were unlawful. Sokol's March 28 letter of resignation from his role as chairman of MidAmerican and NetJets mentioned his desire to pursue philanthropic efforts.
(Reporting by Ben Berkowitz) Keywords: BERKSHIRE/ (ben.berkowitz@thomsonreuters.com; +1-646-223-6132; Reuters Messaging: ben.berkowitz.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The resignation of David Sokol from his roles as chairman of MidAmerican Energy and NetJets is a stunning turn of events for Buffett, the 80-year-old 'Oracle of Omaha' who recently sealed a $9 billion deal for Lubrizol Corp.
Buffett said on Wednesday that Sokol bought shares of Lubrizol last December, sold them, then bought more shares in early January. He subsequently presented Buffett with the idea of buying the company.
Buffett said he was originally not in favor of the idea but warmed to it after Sokol told him of a conversation with Lubrizol's chief executive officer. He did not elaborate on the details of that conversation.
Buffett said he did not feel Sokol's purchases were unlawful. Sokol's March 28 letter of resignation from his role as chairman of MidAmerican and NetJets mentioned his desire to pursue philanthropic efforts.
(Reporting by Ben Berkowitz) Keywords: BERKSHIRE/ (ben.berkowitz@thomsonreuters.com; +1-646-223-6132; Reuters Messaging: ben.berkowitz.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.