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Buffett Faults Sokol, Calls CEO Candidate ‘Straight as an Arrow’

Berkshire Hathaway Inc. Chief Executive Officer Warren Buffett, preparing the firm for his eventual departure, criticized former manager David Sokol for a stock deal while lauding the integrity of a CEO candidate.

Sokol, seen as a possible successor to Buffett before he resigned in March amid revelations that he’d purchased shares in Berkshire takeover target Lubrizol Corp., violated the company’s insider-trading rules, Buffett said yesterday at Berkshire’s annual meeting in Omaha, Nebraska. The 80-year-old billionaire assured shareholders that Berkshire’s top choice to be the next CEO is trustworthy. He didn’t name the executive.