By Scott Suttell, Crain's Cleveland Business
Wickliffe, Ohio -- The chief financial and chief operating officers of Lubrizol Corp. will retire shortly after the closing of the company's merger with Berkshire Hathaway Inc., the company said in a regulatory filing, 20 June.
Charles Cooley, senior vice president and cfo, and Stephen Kirk, senior vice president and coo, will retire "within a few weeks" of the completion of the nearly $900 million deal.
Brian Valentine will become cfo upon the effective date of Cooley's retirement. Valentine has been treasurer of the Wickliffe-based specialty chemicals company since April 2009 and will continue with those responsibilities.
The filing did not identify a successor to Kirk as coo.
The Wall Street Journal reported that Cooley and Kirk "are among the Lubrizol executives entitled to cash payments for stock options and share units they had 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."
Lubrizol and Omaha, Nebraska-based Berkshire Hathaway last week gave themselves more time to complete the deal. The "outside date" for Warren Buffett's Berkshire Hathaway to complete the purchase of Lubrizol has been extended to 31 Dec 2011 from 14 Oct.