Often times, when high level executives leave a company under a cloud they conveniently use their families as the excuse. Even though many of these guys spend years focused on nothing but work, they think we’ll all buy their sudden desire to spend more time with the spouse and kids.
A quick Google search for “CEO,” “resign,” and “spend more time with family” turned out a bunch of top executives who have recently departed for familial obligations, and it’s not just the heads of corporations. The CEO of Chivas USA, a professional soccer team in Los Angeles, just stepped down to “spend more quality time with my family.”
But this week’s ejected top dog, David Sokol — a man thought to be the successor to billionaire Warren Buffett — came with the most unusual reason for a departure I’ve ever heard. It does involve his family, but not the prerequisite quality-time-with-his-loved-ones defense. This time it’s all about money. (more…)