Circumstances surrounding David Sokol's recent resignation from Berkshire Hathaway are credit negative for the company, Moody's Investors Service says, due to an appearance of conflict of interest and, more broadly, management-succession risk at the company.
Sokol served as chairman of Berkshire's MidAmerican Energy, NetJets and Johns Manville units. He announced his resignation in late March.
Berkshire CEO Warren Buffett says in a March 30 statement that he had not asked for Sokol's resignation and that the news “came as a surprise to me.”
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