Microsoft (NASDAQ:MSFT) co-founder Bill Gates has agreed to join the board of directors at Berkshire Hathaway (NYSE:BRKa) (NYSE:BRKb), joining Berkshire Chairman and fellow multibillionaire Warren Buffett. The two have become fast friends in the past few years, as well as bridge partners. Gates also sits on the board at Microsoft, as well as mid-cap biotechnology company ICOS (NASDAQ:ICOS). On the 11-member Berkshire board, Gates takes the place of Susan Buffett, Buffett's wife, who passed away earlier this year.
DeliLama on the Fool discussion boards already put together an extraordinarily funny top 10 list of things that will change at Berkshire now that Gates is on the board, my favorite being: "6) Every few days, Net Jets planes will stop working and have to be rebooted in mid-air." But the fact that the two wealthiest men in the world now occupy the same board does promise for plenty of potential mirth. Buffett may have to change his schtick a little.
Then: (to a minor shareholder in Berkshire) "Don't sell yourself short. Between the two of us, we control the company."
Now: (to Gates) "Don't sell yourself short. Between the two of us we could buy Bolivia."
Then: "I don't understand technology."
Now: "I don't understand technology. But I do know how to make technology companies scream like little girls."
Then: "Our lack of tech insights, we should add, does not distress us."
Now: (adds Gates) "Neither does mine."
Then: (regarding his own mortality): "It won't be as negative for the holders as it will be for me."
Now: "Keep asking me about this and I'll name Paul Allen to the board too."
Then: "We avoid gin rummy behavior."
Now: "... but if Gates keeps playing second hand high, I may have to reconsider."
One of the more interesting rumors/speculations of the last few years held that Bill Gates was one of the people that Warren Buffett had in mind to manage Berkshire Hathaway after he was no longer able to do so. As the Berkshire succession plan has never been disclosed to the public, it will be interesting to see whether such rumors begin to percolate. Personally, I doubt that such a move is one that either has considered. Buffett has long admired Gates' business acumen and has determined that leveraging Gates' talent for Berkshire by naming him to the board would be beneficial for the company and shareholders.
Bill Mann owns shares of Berkshire Hathaway. Got a take on Gates being named director? Come give us the good word on The Motley Fool's Berkshire Hathaway discussion board.
