I seldom keep up with what Buffett does but this article happened to catch my eye. So, is age catching up with him?
Is the Oracle of Omaha losing his touch?
Maybe, maybe not, but there has been a fair amount of unrest of late at a company owned by Warren Buffett’s Berkshire Hathaway (BRK-B): House paint brand Benjamin Moore & Co. The most recent incident came in September, according to a report Monday in the New York Post, when the subsidiary's chairman, 29-year-old Buffett protégé Tracy Britt, was forced to fire CEO Bob Merritt over allegations that he had sexually harassed a number of female employees. Michael Searles, the former head of retailer Wilsons Leather, will take over as CEO of Benjamin Moore, becoming the unit's third chief executive in the past two years.
That’s just the beginning of this convoluted tale.
Turns out, Merritt is married to a close friend of the Harvard-educated Britt, New York-based investment manager Jill DiLosa, and was brought in as the CEO in a hurry when Britt took over the chairmanship in 2012 without the usual vetting process or the help of an outside executive search firm. And that’s to say nothing about Britt’s own relationship with Buffett, which is so close that the boss walked her down the aisle at her recent wedding in Omaha. She started at Berkshire Hathaway in 2009 as a financial assistant and has since emerged as a key member of Buffett’s inner circle.
“Things have gotten way too cozy at the top for Warren and his cronies, and now it’s biting them on the bottom,” an unnamed source told the New York Post on Monday. nsert quote here