Guest Guest Posted March 30, 2011 Posted March 30, 2011 http://finance.yahoo.com/news/Warren-E-Buffett-CEO-of-bw-1903759416.html?x=0&.v=1 This was certainly an unexpected development!
zippy1 Posted March 30, 2011 Posted March 30, 2011 http://finance.yahoo.com/news/Warren-E-Buffett-CEO-of-bw-1903759416.html?x=0&.v=1 This was certainly an unexpected development! Is this real? Or is this April Fool's day a day too early?
Parsad Posted March 30, 2011 Posted March 30, 2011 That's what I first thought! It's not on Berkshire's own site yet. Holy smokes...this is a shocker! Cheers!
Parsad Posted March 30, 2011 Posted March 30, 2011 You know people are going to assume this had something to do with all the Ajit as CEO talk recently. Even if it doesn't. Cheers!
mloub Posted March 30, 2011 Posted March 30, 2011 Wow! That just came way out of left field. This raises an interesting question in my mind: Would someone with the entrepreneurial drive and passion needed to run a successful company be interested in essentially working as an employee for Berkshire? (And the corollary, would Buffett be willing to reward his top Manager with enough equity to make it worthwhile for them? Something he has previously been loath to do.) It is interesting that Sokol mentioned he wanted to explore more entrepreneurial endeavors where he could build up substantial equity in the business. I wonder if something similar factored into Li Lu's decision not to take the Chief Investment position. Fascinating, to say the least. m.
given2invest Posted March 30, 2011 Posted March 30, 2011 While not illegal, it's pretty immoral he was buying stock in Lubrizol while being in charge of identifying chemical acquisitions for BRK. http://online.wsj.com/article/SB10001424052748704517404576223383008589922.html?mod=googlenews_wsj It was Mr. Sokol, a Berkshire executive, who plucked Lubrizol from a list of 18 chemical companies that bankers at Citigroup Global Markets had compiled in December 2010 as possible acquisitions at Mr. Sokol's request, according to the filing.
Parsad Posted March 30, 2011 Posted March 30, 2011 Yeah, I'd have to say Buffett put out the press release to get it out early. Doesn't sound illegal, but not entirely ethical. Cheers!
brker_guy Posted March 30, 2011 Posted March 30, 2011 It is on there now: http://www.berkshirehathaway.com/news/MAR3011.pdf
Parsad Posted March 30, 2011 Posted March 30, 2011 It's now on Berkshire's own site...so unfortunatey no April Fool's joke! Cheers! http://www.berkshirehathaway.com/news/MAR3011.pdf
merkhet Posted March 30, 2011 Posted March 30, 2011 I think it's very interesting the way that Warren said the prior two times, they tried to talk Sokol out of resignation -- but this time he didn't. I think that's as close to a "firing" at the upper echelons as it gets at Berkshire Hathaway.
gfp Posted March 30, 2011 Posted March 30, 2011 Also, a heads up: Sokol will be Live on CNBC at 7:40 am tomorrow morning
gfp Posted March 30, 2011 Posted March 30, 2011 Also, a heads up: Sokol will be Live on CNBC at 7:40 am tomorrow morning EASTERN TIME
merkhet Posted March 30, 2011 Posted March 30, 2011 I hate Squawk Box, but I'll be watching for sure.
given2invest Posted March 30, 2011 Posted March 30, 2011 :o Any lessons to learn from this? Don't be greedy?
Myth465 Posted March 30, 2011 Posted March 30, 2011 http://finance.yahoo.com/news/Warren-E-Buffett-CEO-of-bw-1903759416.html?x=0&.v=1 This was certainly an unexpected development!
twacowfca Posted March 30, 2011 Posted March 30, 2011 http://finance.yahoo.com/news/Warren-E-Buffett-CEO-of-bw-1903759416.html?x=0&.v=1 This was certainly an unexpected development! Not a complete surprise. BRK added Burlington Northern's CEO to it's short list of succession candidates several days ago. The writing on the wall. Now we know why. "And then, there were three" :)
CFA Omaha Posted March 30, 2011 Posted March 30, 2011 he might be taking over as athletic director of UNOmaha http://www.omaha.com/article/20110315/NEWS01/703159891 ;D
Parsad Posted March 30, 2011 Posted March 30, 2011 He owns a good chunk of Middleburg Financial. From the letter he sent to Buffett, and the fact that he's going to be on television tomorrow, I'm guessing some fantastic opportunity came his way and now he's going to accept. There was no guarantee he would be taking over for Buffett with Ajit there, the CEO of BNSF, Tony Nicely, etc. And if he was, it may not be for another decade. Plus, following in Buffett's footsteps are very big shoes to fill...the expectation, exposure, criticisms...it would be nuts! Cheers!
gfp Posted March 30, 2011 Posted March 30, 2011 He owns 14.6% of MBRG. Cheers! Yep, and the CEO (Shook) was the best man at his daughter's wedding... Sounds like a family enterprise to me. http://www.sec.gov/Archives/edgar/data/914138/000114036111017348/xslF345X03/doc1.xml
gfp Posted March 30, 2011 Posted March 30, 2011 Actually, he owns 20.24% of MBRG now according to their recent proxy
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