The Daily Journal (NASDAQ:DJCO)’s chief financial officer is retiring amid a tumultuous period for the newspaper with an investment portfolio once run by the late Charlie Munger. Munger’s estate remained a significant partial owner of the Daily Journal as recently as 2024, and an activist investor continues to call for the CEO appointed by Munger to resign.
CFO retirement planned
CFO Tu To plans to retire effective Jan. 15, and Alexander Parker, chairman and CEO of Buxton Helmsley, told Hedge Fund Alpha that the move came after they sent AICPA guidance to the company. He also said the move implies that the Daily Journal’s claim of an “agile development” approach does not dodge the company’s ASC 985-20 capitalization obligations.”
“Daily Journal's CFO 'retiring' after we sent them AICPA guidance isn't just vindication, but confirmation of systemic rot,” Parker said in a statement.
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