Charlie Munger gives up Daily Journal chairman title, donates $1 million in stock

Yahoo Finance's Julie Hyman reports that 98-year-old Charlie Munger is stepping down from his role as chairman of the Daily Journal.

Video Transcript

JULIE HYMAN: Charlie Munger is giving up his chairman title at "The Daily Journal." He's also going to donate a million dollars of stock. That will go towards creating an equity incentive plan for the company. He's going to stay on the board, he's just not going to be the chairman any longer. The CEO of the company, Gerald Saltzman, is going to retire as well. And the interim CEO will become Steven Mihill Jones. But again, Charlie Munger, 98-year-old investor, of course, who is Warren Buffett's business partner, is no longer going to be chairman at "The Daily Journal."