Bloomberg News

Lubrizol Says Two Executives to Retire as Buffett Takes Control

June 20, 2011

June 20 (Bloomberg) -- Lubrizol Corp., the lubricants maker being acquired by Warren Buffett’s Berkshire Hathaway Inc., said Chief Financial Officer Charles Cooley and Chief Operating Officer Stephen Kirk will retire following the takeover.

Treasurer Brian Valentine will become CFO and maintain his current responsibilities, Wickliffe, Ohio-based Lubrizol said today in a regulatory filing. Cooley, 55, and Kirk, 61, will leave the company “within a few weeks” of the completion of Berkshire’s acquisition, Lubrizol said.

Buffett, 80, is counting on Lubrizol Chief Executive Officer James Hambrick, 56, to run the firm after Berkshire completes the deal. Buffett, chairman and CEO of Omaha, Nebraska-based Berkshire, agreed in March to buy Lubrizol for about $9 billion. In April, Hambrick committed to staying with Lubrizol for “several more years.”

“James has made a verbal commitment to both Warren, as well as to all Lubrizol employees, that he will remain with the company after the sale,” Lubrizol said in an April 18 filing.

--Editors: William Ahearn, Rick Green

To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net.


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