last year, the company said it considered factors that included "cognitive diversity" as it looked to revamp leadership.
S&P 500 companies are moving away from the notion that board members must have CEO credentials. Research from executive recruiting firm Spencer Stuartthat one-third of the incoming class of directors for S&P 500 companies were serving on their first public company board, and only 35% of them were active or retired CEOs.
Buffett also dismissed the idea of "independent" directors, positions that usually include hundreds of thousands of dollars in compensation. "They aren't going to upset the apple cart," he said. "How in the world is that independent. You don't get invited to be on your boards if you belch too often at the dinner table."