Lubrizol CEO Expects to Work ‘Several More Years’ Under Buffett

Lubrizol Corp. (LZ), the engine- additives maker selling itself to Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), said Chief Executive Officer James Hambrick is committed to running the business 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 today in a regulatory filing. “At 56, James looks forward to several more years of capable service to Lubrizol. Helping grow Lubrizol for the future has been a huge part of his life and something he is passionate about. This is unlikely to change anytime soon.”

Buffett, 80, relies on the CEOs of Berkshire’s more than 70 subsidiaries to run businesses ranging from manufacturing and energy to consumer goods and insurance. Buffett, chairman and CEO of Omaha, Nebraska-based Berkshire, agreed in March to buy Lubrizol for about $9 billion. In a March 14 statement, Buffett called Hambrick “a talented CEO.”

“Our only instruction to James -- just keep doing for us what you have done so successfully for your shareholders,” Buffett said in the statement.

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 Reichl at dreichl@bloomberg.net

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