Buffett Heir Apparent David Sokol Quits After Stock Purchases

Wednesday, 30 Mar 2011 05:31 PM

 

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NEW YORK — Warren Buffett's leading heir apparent, David Sokol, resigned from Berkshire Hathaway, and Buffett said in a statement on Wednesday that Sokol bought shares in a company he later pushed Buffett to purchase.

Buffett said he did not feel Sokol's purchase of shares in Lubrizol was unlawful. Buffett said Sokol's March 28 letter of resignation from his role as chairman of MidAmerican and NetJets mentioned his desire to pursue philanthropic efforts.

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