Munger Steps Back as Daily Journal Chairman, Donates His Stock

Charlie Munger, the 98-year-old investor who’s a longtime business partner of Warren Buffett, is giving up his chairman title at the Daily Journal Corp. and donating $1 million of stock to create an equity-incentive plan for the software and newspaper company.

Munger will remain as a board member, the Los Angeles-based company said Monday in a regulatory filing. Chief Executive Officer Gerald Salzman will retire, handing the role to Steven Myhill-Jones as interim CEO, the firm said.

Charlie Munger

Photographer: Patrick T. Fallon/Bloomberg

Munger drew crowds to the annual meetings held by the Daily Journal, which counts courts and justice agencies among ...