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Buffett surprised as top Berkshire exec departs

Buffett surprised as top Berkshire exec departs

A top executive of Berkshire Hathaway who was believed to have had the inside track to succeed billionaire Warren Buffett as CEO one day has suddenly resigned.
Buffett said Wednesday that he received David Sokol's resignation letter late Monday, and noted that it came as a surprise. Buffett says Sokol, who had been serving as chairman of Berkshire's MidAmerican Energy, NetJets and Johns Manville units, indicated that he wants to spend more time on philanthropy.
Buffett says he learned earlier this month that Sokol bought nearly 100,000 shares of Lubrizol stock before recommending that Berkshire buy the chemical company. Buffett says he doesn't believe those stock purchases were illegal, and didn't ask Sokol to resign.
Buffett has regularly praised Sokol's work, and many investors have speculated that Sokol was on the short list to succeed Buffett at the Omaha, Nebraska-based company.


Updated : 2021-10-20 07:57 GMT+08:00