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Buffett heir apparent quits after stock purchases

March 30, 2011 Reprints

P/C Insurers Berkshire Hathaway More + Less -

OMAHA, Neb. (Reuters)—Warren Buffett's leading heir apparent, David Sokol, resigned from Berkshire Hathaway Inc. and Mr. Buffett said in a statement on Wednesday that Mr. Sokol bought shares in a company he later pushed Mr. Buffett to purchase.

Mr. Buffett said he did not feel Mr. Sokol's purchase of shares in Lubrizol was unlawful. Mr. Buffett said Mr. 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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Buffett heir apparent quits after stock purchases

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