06:40 ET<\/span>
\n<\/span><\/p>\nDavid Sokol, heir-apparent to Warren Buffett, has resigned unexpectedly.<\/p>\n
His departure from the billionaire investor’s Berkshire Hathaway firm comes just days after it emerged that he had bought shares in a firm before convincing his boss to buy it out.<\/p>\n
The transaction – which Mr Buffett has publicly supported – earned Mr Sokol an estimated $3m profit.<\/p>\n
Mr Sokol said he quit to set up his own business and focus on philanthropy. Mr Buffett expressed his “total surprise”.<\/p>\n
“Dave’s contributions have been extraordinary,” said Mr Buffett of his protege, insisting that he had not asked for the resignation.<\/p>\n
Mr Sokol bought the shares in chemicals firm Lubrizol in January, then convinced the Omaha billionaire to buy the company, which he did in March, paying a 28% premium over the market price.<\/p>\n
According to Mr Buffett, his junior had mentioned his share ownership in a “passing remark”.<\/p>\n
He also said Mr Sokol had asked to quit on two previous occasions in recent years, but had been talked out of it by Berkshire Hathaway’s board.<\/p>\n
Mr Sokol was widely tipped to take over from the 80-year-old investor, and had been praised by his boss for his “enormous talent” and “first-class” management skills in recent company trading reports.<\/p>\n<\/p><\/div>\n<\/p>\n
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