Washing Post Crumbling (WPO)

Shares of The Washington Post WPO are plummeting, down more than 3% on back of the news that legendary investor and Berkshire Hathaway CEO BRK Warren Buffett is retiring from the board. “For most of the last 37 years, we've been privileged to have on our board perhaps the best adviser any company could have had throughout that period,” said Donald E. Graham, chairman and chief executive officer of The Washington Post Company. “Warren's influence has been pervasive, from major corporate policies to the menu at board lunches,” Graham said. “Only our cholesterol levels will be better going forward.” “Warren has encouraged us to continue to consult him on Company matters and with the encouragement of our board, calls to the 402 area code will not be decreasing.” Warren Buffett said, “I've loved The Washington Post since I delivered almost 500,000 copies of it as a youth in Washington. That love for the product, the Company and the management continues unabated today. I will always be available to help management in any way they request. It's been a great 37 years.” At last check, shares of WPO were up 0.5% to $425.80. Shares had been as high as $439.87 before the news. The Washington Post Company operates as a diversified education and media company in the United States and internationally.