The Washington Post (NYSE:WPO) announced that Berkshire Hathaway (NYSE:BRK.A) Chairman and legendary investor Warren Buffett will retire from WPO's Board of Directors. Buffett has been on the Board since 1974 and will not seek re-election when his current term expires in May.
Washington Post's Chairman and CEO Donald Graham said, "For most of the last 37 years, we've been privileged to have on our board perhaps the best adviser any company could have had throughout that period. Warren's influence has been pervasive, from major corporate policies to the menu at board lunches."
Graham joked by adding, "Only our cholesterol levels will be better going forward."
The CEO also noted that Buffett has encouraged the company to continue to consult with him on various matters. The move could be a sign that Buffett may be moving even one step closer to retiring from the business altogether. Back in October Berkshire announced that thirty-nine year old Todd Combs, of hedge fund Caste Point Capital, will soon join the conglomerate as an investment manager. Many assume that Combs is being groomed to officially take over the top job.
Shares of Washington Post fell about $10 to $428 after the news of Buffett's retirement from the Board.