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Buffett Chides CEOs Searching for Cocker Spaniels Over Pit Bulls

Warren Buffett
Warren BuffettPhotographer: Andrew Harrer/Bloomberg

Warren Buffett, who’s served as a director at 21 publicly traded companies over the years, said that too many companies add board members who won’t challenge a chief executive officer’s decisions.

“When seeking directors, CEOs don’t look for pit bulls,” Buffett said Saturday in his annual letter to Berkshire Hathaway Inc. shareholders. “It’s the cocker spaniel that gets taken home.”