- A real-estate boss joked at a property conference this week about rejecting Warren Buffett.
- Welltower CEO Thomas DeRosa said that if 89-year-old Buffett asked to be a board member, he would have to turn him down due to an age limit of 75 for directors.
- "I have to tell him, 'No Warren, you can't, you're too old,' and that's kind of nuts," DeRosa said.
- DeRosa is trying to get rid of the rule. "Warren, if you're listening, give me a call," he said.
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A real-estate boss joked that if Warren Buffett asked to join his company's board, he would have to reject the 89-year-old investor due to an age limit of 75 for directors.
"I have to tell him, 'No Warren, you can't, you're too old,' and that's kind of nuts," Welltower CEO Thomas DeRosa said at a property conference this week. Buffett is a self-made billionaire and the CEO of Berkshire Hathaway, one of the world's largest conglomerates.
Welltower - an S&P 500 company with a market capitalization of $32 billion - invests in senior housing, assisted living communities, and various healthcare properties. DeRosa talked about turning down Buffett in response to a question about Welltower's environmental, social, and governance efforts.
DeRosa said he was speaking to the board about switching to a term limit instead of an age limit, as it was "kind of crazy for a company that is focused on the vitality of an aging population."
"Warren, if you're listening, give me a call," he added.
Pit bulls and cocker spaniels
Buffett highlighted two issues with corporate boards in his latest letter to shareholders: a lack of female directors and a strong monetary incentive for directors not to challenge CEOs.
"When seeking directors, CEOs don't look for pit bulls," he wrote. "It's the cocker spaniel that gets taken home."
DeRosa quoted Buffett's words at an investor forum last month. He added that women and minorities make up 75% of Welltower's independent directors, meaning the company boasts one of the most diverse boards in the S&P 500.
