The Warren Buffett CEO 9: Interview with an author, Robert P. Miles III

“Charlie Munger was right when he said that the top 25 managers at Berkshire could all die at once and Berkshire would continue successfully. Berkshire by its very culture and structure is deeper than any other conglomerate because it doesn't exist with just one CEO. Berkshire is a holding company of CEOs all operating independently of one another. Unlike every other traditional corporation, none of the CEOs has a term limit. All the Buffett CEOs have designated a successor.”

The Warren Buffett CEO 8: Interview with an author, Robert P. Miles II

“Since Warren Buffett has never lost a CEO to another competing enterprise, all the managers reported complete satisfaction with their deal and ongoing relationship.”

“Warren asked that no interview transcripts be sent to him because he didn't want to influence the book in any way. No one asked for manuscript approval and no one asked for any changes in the book.”

The Warren Buffett CEO 7: Interview with an author, Robert P. Miles I

Excerpts from an interview with Robert P. Miles:

“It's totally up to each manager. Few meet with him in person. Most phone every few weeks if they need advice or want to report in. After the purchase of See's Candies, it was over 20 years before its CEO, Chuck Huggins, even visited Omaha.”

“….Bill Child of R.C. Willey Home Furnishings took a call from a dissatisfied customer right in the middle of our interview. He also lists his home phone on his business card. The Tatelman brothers of Jordan Furniture treat their employees like they are the customers. Executive Jet CEO Rich Santulli keeps his small corporate office near New York City while most of his employees and his operational center are in Columbus.”

The Warren Buffett CEO 1

“Management changes like marital changes, are painful, time-consuming and chancy.”

“Contract cannot guarantee your continued interest; we would simply rely on your word.”

“We want our managers to think about what counts, not how it will be counted.”