UPDATE: Lubrizol CFO, COO To Retire After Berkshire Deal Closes
20 Giugno 2011 - 5:37PM
Dow Jones News
Lubrizol Corp. (LZ) said its chief financial officer and chief
operating officer will retire shortly after the company completes
its merger with Warren Buffett's Berkshire Hathaway Inc. (BRKA,
BRKB).
Chief Financial Officer Charles Cooley will be replaced by
Treasurer Brian Valentine, Lubrizol said in a regulatory filing
Monday. Valentine has been treasurer since April 2009 and will
continue with those responsibilities, the company said.
The company didn't name a successor to Chief Operating Officer
Stephen Kirk in the regulatory filing. According to a Lubrizol
proxy filed last year, Kirk has been at the company for about 40
years.
Both executives will depart "within a few weeks of the closing
of the merger with Berkshire Hathaway," the filing said.
Lubrizol and Berkshire last week said they had agreed to extend
the closing date of their merger to Dec. 31 under certain
conditions.
Cooley and Kirk are among the Lubrizol executives entitled to
cash payments for stock options and share units they'd earned while
working at the company. A May proxy filing describing some of the
terms of the deal said Cooley and Kirk would both get about $9.2
million after the close of the deal. Chief Executive James
Hambrick, who has agreed to continue running the company, will get
a $97.3 million cash payment.
Berkshire agreed in March to acquire Lubrizol for $135 a share.
David Sokol, a Berkshire executive who brought the idea for the
deal to Buffett, later resigned after questions about Lubrizol
stock he purchased before the deal was finalized.
-By Erik Holm, Dow Jones Newswires; 212-416-2892;
erik.holm@dowjones.com
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