- Push-out Score determined
- After 36 years in the position
- Praise and thanks for Salzman
- Steven Myhill-Jones taking over temporarily
(exechange) — Los Angeles, California, March 28, 2022 — Jerry Salzman, chief executive of Daily Journal, leaves. As announced by Daily Journal Corp. in a news release and in a regulatory filing published on Monday, March 28, 2022, Gerald L. (Jerry) Salzman has left his post as chief executive officer at the publisher of newspapers and web sites covering California and Arizona, after 36 years in the role, effective March 22, 2022.
It is the end of an era.
Jerry Salzman’s duties as CEO will be taken over temporarily by Steven Myhill-Jones, a former chief executive officer at Latitude Geographics, as Interim Chief Executive Officer.
It is a generational change. Steven Myhill-Jones is about 37 years younger than Jerry Salzman.
The fact that Jerry Salzman’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
Jerry Salzman’s move coincides with a management shake-up also involving the positions of Chief Financial Officer; CEO of Journal Technologies; President of Journal Technologies; Co-Chief Technology Officers of Journal Technologies; Executive Vice President-Publications of Daily Journal Corporation; Assistant Controller of the company; and Editor-in-Chief of the Daily Journal newspapers.
Charles Munger will relinquish the chairman title, but will continue serving as a director, and as such will continue to pay particular attention to matters with which he has been involved in the past, including the company’s securities portfolio.
Charles Munger is the 98-year-old business partner of Warren Buffett at Berkshire Hathaway Inc.
“Exactly the kind of leader we need”
Daily Journal did not give an explicit reason for Jerry Salzman’s departure from the CEO post. Charles Munger said: “We are incredibly fortunate that Steven found his way into our lives. He’s whip smart and full of energy. He’s exactly the kind of leader we need at Daily Journal and Journal Technologies to take our business into the future.”
Precise information regarding Jerry Salzman’s future plans was not immediately available.
The Company further stated: “In addition, as part of creating additional long-term incentives for the management team while recognizing the dilution to shareholders that such incentives can cause, the company’s Board of Directors has accepted Mr. Munger’s gracious offer to gift to the company $1 million worth of his personal Daily Journal stock for the company to use as the basis for a new equity incentive plan.”
Munger stated: “I want for this gift to reflect the confidence I have in the existing team and Steven’s new leadership. The courts in the United States and around the world carry out incredibly important work that is crucial to civilization. Our company is proud of the work we do to help those courts and the legal system as a whole be more informed, more efficient and more accessible.”
Daily Journal said: “Mr. Myhill-Jones will succeed Gerald Salzman as CEO. Mr. Salzman is retiring after more than 44 years of dedicated and multi-faceted service to the company.”
Daily Journal further said: “On March 22, 2022, after more than 44 years of dedicated service to Daily Journal Corporation (the “Company”), Gerald L. Salzman retired as the Company’s Chief Executive Officer, President, Chief Financial Officer and Treasurer.”
Share price increase since March 2017
The announcement follows an increase in Daily Journal Corp.’s share price of 43% since March 2017.
In the position of CEO since 1986
Jerry Salzman became CEO of the Company in 1986.
Gerald L. Salzman served on the Company’s Board of Directors from 1986 until December 2021.
He acted as the Company’s Chief Executive Officer, Chief Financial Officer, Treasurer and Assistant Secretary.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jerry Salzman’s move on a scale of 0 to 10.
exechange reached out to Daily Journal and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 14.2022 ($).