Lubrizol CFO retire after Berkshire completes its acquisition

Lubrizol CFO to retire after Berkshire completes its acquisition

1:56 PM, 22nd June 2011
Lubrizol CFO to retire after Berkshire completes its acquisition

  • Lubrizol CFO, COO to retire within a few weeks of closing of Berkshire deal
  • Lubrizol Treasurer Brian Valentine to become CFO
  • CFO, COO are among the Lubrizol executives getting cash payments for stock options and share units at close of deal


NEW YORK, US: Lubrizol Corporation 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.

The 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 December 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 $ 97.3 million cash payment. Berkshire agreed in March to acquire Lubrizol for $ 135 a share.

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