David Rosenthal: belief

Transcript context

…Part of me is like, Ooh, thank God. Judy’s putting it in a trust. All that to say this is never going to happen. So the final chapter of the story here is Judy’s 81 years old. What is going to happen at some point in the future? Even if she’s the next Warren Buffet here, we’re still talking about in the next couple of decades. There will have to be a transition. Like you said, Ben, she owns about half the company economically and 100% of the voting shares. She has been transferring her non-voting shares into her foundation called Roots and Wings, so she signed the giving pledge and is transferring her wealth into the foundation. They then sell those shares back to the company at a price that changes every year, and that funds the foundation. Judy has announced that upon her death, all of her voting shares, so the 100% voting control that she has at the company, will transfer into a “purpose trust” that will be administered by three constituencies: (1) Her family—her husband Godon if he’s still alive, and their three children, (2) A set of five longtime senior managers from Epic, and (3) I believe three customer CEOs, CEOs of big customers. (1) the company can never be sold or taken public ironclad. That can never happen. (2) The next CEO of Epic must meet two criteria.…

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