The man widely seen as the leading successor to Warren Buffett at Berkshire Hathaway (BRKa.N) has resigned after buying shares in chemical company Lubrizol Corp (LZ.N) before pushing Buffett to acquire it. David Sokol's resignation is a reputational blow for Buffett, the 80-year-old "Oracle of Omaha," who prides himself on his folksy fair-dealing image and handpicks managers who can run businesses in a similarly transparent manner. "Obviously Warren Buffett prides himself on transparency and this would not appear to be transparent," said Berkshire shareholder Michael Yoshikami of YCMNET Advisors in California. "It's surprising and always amazes me these types of events occur because it just seems so unnecessary."
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