Agence France-Presse reports that Warren Buffett of Berkshire Hathaway investment fame will step down from his position on the Washington Post's board of directors when his current term ends this May. The 80-year-old has served nearly 26 years on the newspaper company's panel of directors, from 1974 to 1986 and from 1996 to the present. Buffett has stated that he will gladly continue to offer his financial advice when CEO Donald Graham requests it. Article resource - Warren Buffett to step down from Washington Post board by MoneyBlogNewz.

Largest investor of Post stock is Warren Buffet

Warren Buffet holds 24 percent of Washington Post common stock making him the primary shareholder through his business Berkshire Hathaway. With majority in a different share class, the Graham family has a controlling interest within the newspaper.



Before the media, Graham praised Buffett for his financial advisory of the Washington Post Co. and stated that he will still call on the investment guru often for advice on business matters. The reason why Buffett could be leaving the board in May 2011 was not revealed although he did say he’d continue to help when he can.

Making the cross over

An official reason for Warren Buffett's departure from the Washington Post has yet to be released. Nevertheless, we can guess when seeing that Buffet is planning to pass the torch at Berkshire Hathaway based in Omaha, Nebraska. In 2010, Berkshire Hathaway brought on Todd Combs as a cash manager to oversee investments, reports Bloomberg. Several expect that bringing somebody on board to help is a sign that Buffett is prepared to retire since he has been in charge of overseeing over 70 operating business unit of Berkshire Hathaway while also taking on an investment portfolio that includes majority shares in both Wells Fargo & Co. and Coco Cola.



Solstice Investment Research’s Paul Howard in Glastonbury, Conn., has a different opinion on the matter. He thinks that with all the attention needed by Berkshire Hathaway, Warren Buffett simply has not had extra time for other commitments. Buffet is leaving the Washington Post after having stepped down in 2006 from the Coco-Cola panel that went to his son Howard Buffett. In November 2010, Melinda Gates already left the Washington Post panel.

Citations

Yahoo News

news.yahoo.com/s/afp/20110120/bs_afp/usmediaindustrynewspaperswpostbuffett_20110120185928

Bloomberg

bloomberg.com/news/2011-01-20/warren-buffett-to-retire-from-board-of-washington-post-he-joined-in-1974.html

Washington Post

washingtonpost.com/wp-dyn/content/article/2011/01/20/AR2011012002972.html

Does Warren Buffett accept the long-term pain of inflation?

youtube.com/watch?v=anMkUSuVD8o

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