98-year-old investor Charlie Munger, the longtime business partner to Warren Buffett, is stepping down from his role as chairman at the Daily Journal Corp, reports Yahoo! Finance, though he plans to stay on the board. He also plans to donate $1 million of his stock in order to establish an equity-incentive plan at the company.
In an additional shift in management, CEO Gerald Salzman is retiring and passing the baton to Steven Myhill-Jones, who will step in as interim CEO. The changes were announced in a regulatory filing, the article continues.
Munger and Salzman were fixtures at the Daily Journal’s annual meetings, drawing crowds with discussions of a wide array of topics, from the newspaper industry to foreign investing. For his own part, Salzman was a member of the board for over 30 years before he stepped down at the end of 2021. “[He’s] spent more than half his life working at the Daily Journal,” Munger noted in a statement, calling his various roles as director, president, CEO and CFO “a crucial part” of the Daily Journal’s growth and evolution.
Munger called his stock donation a reflection of “…the confidence I have in the existing team and Steven’s new leadership,” the article quotes his statement. The changes were effective as of the filing, at the end of last month.