Posted: 16 Aug 2010 11:29 AM PDT

Aug. 16 (Bloomberg) -- David Sokol, chief executive officer of Berkshire Hathaway Inc.'s NetJets Inc. and chairman of MidAmerican Energy Holdings Co., discusses the outlook for NetJets. (This report is an excerpt. Source: Bloomberg)

David Sokol, who oversees energy and luxury-flight businesses for Warren Buffett's Berkshire Hathaway Inc., said he considers his main job to be "whatever Warren wants me to do."

Sokol made the comment today in an interview on Bloomberg Television.

To contact the reporters on this story: Betty Liu in New York at bliu17@bloomberg.net; Inyoung Hwang in New York at Ihwang7@bloomberg.net.

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Jodie Fisher 'saddened' claim cost HP CEO Mark Hurd his job - USA Today

Posted: 05 Aug 2010 04:57 PM PDT

By Jon Swartz, USA TODAY

SAN FRANCISCO — The abrupt resignation of Hewlett-Packard CEO Mark Hurd, following a sexual-harassment probe, sent shock waves throughout Silicon Valley and could sidetrack the tech powerhouse's recent resurgence.

Hurd, 53, resigned after the investigation into a sexual-harassment claim made against him and the company by a former HP contractor. The probe concluded that the company's sexual-harassment policy was not violated, but its standards of business conduct were. CFO Cathie Lesjak, 51, was named interim CEO. Lesjak, a 24-year HP veteran, will continue as CFO, while an HP board committee, which includes Netscape co-founder Marc Andreessen, will search for a new CEO.

The disclosure stunned HP followers, who lauded Hurd for strong leadership since he replaced Carly Fiorina in 2005. It could also further tarnish the once-sterling reputation of HP, which raked in $114.6 billion in revenue in its last fiscal year and employs 300,000 worldwide.

"HP needed this like a hole in the head," says tech consultant Lou Mazzucchelli. "The real losers are HP's employees, customers and shareholders. These groups always pay a price for shenanigans at the top."

Whether that punctures HP's bottom line is another matter, says Martin Reynolds, an analyst at market researcher Gartner. "Customers care more about the quality of a company's products than the personal behavior of its executives," he says.In a conference call with analysts, HP insisted Hurd's departure had nothing to do with the company's financial health.

The world's No. 1 maker of PCs and printers released preliminary results for its fiscal third quarter slightly above analyst expectations. HP is scheduled to announce its third-quarter results on Aug. 19. "I've never been more confident in the company's future," Lesjak said in a conference call. "We have a solid, long-term strategy that is unchanged."

"HP is not about any one person," Andreessen added on the same call.

During the investigation, Hurd said he "realized there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP," according to a statement released by HP after the markets closed. HP said Hurd submitted inaccurate expense reports connected to the contractor.

A Hurd spokesman and a lawyer representing the contractor say the relationship was not sexual.

The contractor, Jodie Fisher, 50, said in a statement late Sunday she was "surprised and saddened" Hurd lost his job. The former saleswoman said she resolved her claim against Hurd privately and insisted they did not have a sexual relationship.

In recent years, HP has endured a shareholder battle over its controversial acquisition of Compaq Computer. Fiorina, now a Republican candidate for the U.S. Senate in California, was ousted by the board in 2005. The company was caught spying on reporters and board members, which sparked a congressional investigation.

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Drilling may bring local jobs - Times-Leader

Posted: 17 Aug 2010 03:36 AM PDT

Drilling may bring local jobs

By CASEY JUNKINS, For The Times Leader

WHEELING - With well over 100,000 acres in West Virginia's Northern Panhandle leased for natural gas development, Chesapeake Energy now hopes to put some local residents to work.

The company will hold a career information open house from 10 a.m. to 4 p.m. Wednesday at the PPG McKenna Shelter in New Martinsville.

With property owners gathering lease payments of $5 per acre, $750 per acre or even as much as $3,600 per acre - and royalties set from 12.5 percent to 18.75 percent - Chesapeake continues pumping millions of dollars into the local economy. With local steel, aluminum and chemical plants facing uncertain futures, some residents may appreciate the chance to work for a company that has made such a large investment in the Upper Ohio Valley.

"Chesapeake Energy believes that there is tremendous value in hiring employees from the areas where we operate," a company statement provided by Stacey Brodak, director of corporate development for Chesapeake. "Attendees will learn about Chesapeake, a Fortune 100 Best Company to work for."

Though there are concerns about environmental impacts associated with Marcellus Shale natural gas drilling, information provided by Chesapeake shows the firm presently employs more than 630 Mountain State residents. Chesapeake officials also note the company bolstered West Virginia's coffers with more than $53 million in severance taxes over the past five years.

Some have expressed worries that drillers like Chesapeake do not hire enough local workers. During a recent tour of a drilling site near Avella, Pa., crew members drove vehicles featuring license plates from Texas and other southern states. Brodak said Chesapeake hopes to replace these out-of-town employees with local workers.

"It takes time for us to transition to a local work force," she said.

During its Wednesday event, Chesapeake "will have several recruiters in from its corporate office that will share some open positions that they are hiring for throughout our eastern operations," Brodak's information notes.

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