id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-1731	Cunningham, Lawrence A.	Berkshire’s Blemishes: Lessons for Buffett’s Successors, Peers, and Policy	2016	59	.pdf	application/pdf	18686	740	46	Buffett’s successor will likely organize Berkshire into some dozen divisions whose heads report to headquarters—the model followed at the Marmon Group, a mini-Berkshire created by the fabled Pritzker brothers and now a Berkshire subsidiary.39 C. Externalities of Decentralization: Consumers/Workers Buffett delegates nearly unbridled discretion to subsidiary chief executives; many of those likewise delegate power to heads of divisions, and many Berkshire companies 38 See Steve Jordon, Warren Buffett Says He Replaced Benjamin Moore’s CEO to Keep a Promise, OMAHA WORLD-HERALD (Oct. 16, 2013), http://www.omaha.com/money/warren-buffett-says-he-replaced-benjamin- moore-s-ceo-to/article_1c0cb4b7-b2bc-514e-a6a3-ae9697c2ee6f.html [http:// perma.cc/HMY8-UU6K]; James Covert, Warren Buffett Cans Benjamin Moore CEO, N.Y. POST (Sept. 27, 2013), http://nypost.com/2013/09/27/ warren-buffett-cans-benjamin-moore-ceo Accordingly, the Berkshire succession plan envisions a somewhat tighter leash on Buffett’s successor—and, unusually for Berkshire, joins a trendy feature in contemporary governance of splitting the roles of board chairman and chief executive.21 That outcome should be continually monitored by Berkshire’s board, which should be willing to loosen or tighten it, even if incrementally, as may be indicated by performance from time to time.22 19 Letter from Warren E. Buffett, Chairman, Berkshire Hathaway, Inc., to Shareholders of Berkshire Hathaway, Inc. 17 (Feb. 28, 2014) http://www.berkshirehathaway.com/letters/2013ltr.pdf	cache/cblr-1731.pdf	txt/cblr-1731.txt