Charlie Munger

1152.745 - 1180.828 Charlie Munger

Now, in Costco's case, they had Jeff Brotman, who's very smart, but not a retailer, and Jim Senegal, and they divided it up. And they had originally agreed that Brotman would be the chairman and CEO, because he was his ID, he founded the whole thing. But Senegal decided, no, I have to be the CEO. So it was a big, unfortunate board meeting, a big internal struggle. And Brotman moved aside.