The chairman and CEO of sports goods company Russell is to retire this week once the business's merger with Berkshire Hathaway is completed.

Chairman and CEO John F Ward announced his intention to leave in a memo cited on Friday (28 July) by The Alexander City Outlook. He has been chief executive of the company since March 1998.

Russell's shareholders are said to have today given the go-ahead to the company being bought by the insurance and investment company for US$699m.