OMAHA, Neb. - With David Sokol no longer in the running to be his successor, Warren Buffett said on Saturday he expects whoever follows him as chief executive of Berkshire Hathaway Inc will be "as straight as an arrow."
Sokol was widely considered a top candidate to succeed Buffett as Berkshire's chief executive. But he resigned under a cloud last month after it was revealed that he had bought $10 million of shares in Lubrizol Corp while he was pitching the chemicals company as a Berkshire takeover target.
Prior to Sokol's departure, Berkshire had said it had four internal candidates to potentially succeed Buffett as chief executive. Analysts and investors widely believed Sokol was one of the four contenders, if not the leading candidate.
Buffett, 80, told shareholders at Berkshire's annual meeting in Omaha, Nebraska that he was not sure it had been warranted to assume Sokol was his most likely successor.
"Certainly the candidate that I think is the leading candidate now, I would lay a lot of money on the fact that he is as straight as an arrow," Buffett said.
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