Gerald L. Salzman, 1939 - 2025

Gerald L. Salzman, the longtime president, CEO, CFO, treasurer and director of the Daily Journal Corporation, died July 1. He was 86.

An accountant by training and frugal by nature, Salzman guided the company through a period of growth and acquisitions -- including a suite of newspapers and the launch of Journal Technologies, Inc., a sister company that develops case management software for courts and public agencies in the U.S., Canada, and Australia.

He did all of this with meticulous attention to detail and an extraordinary work ethic.

"He had a significant impact on the company over nearly half a century. He drove growth with force and intensity, and his connection to Charlie Munger and that era of leadership shaped much of what Daily Journal became," said Steven Myhill-Jones, the Chairman and Chief Executive Officer of the Daily Journal Corporation.

Salzman retired in 2022.

A graduate of the University of Illinois and Pepperdine's MBA program, Salzman began his career at Price Waterhouse & Co. He also managed Hollywood Park racetrack for a time and the law firm Munger, Tolles & Olson LLP. There, he worked closely with lawyer-turned-investor Charlie Munger, who, in 1977, put him in charge of the company that owned the Daily Journal newspaper.

They grew the business through newspaper acquisitions and by expanding the legal notice publication operation. Salzman managed it with relentless discipline, requiring department heads to submit detailed monthly reports filled with charts tracking every aspect of the company. "A chart tells me a story," he liked to say.

Salzman's hands-on management style -- and the many titles he held -- were frequently mentioned as concerns in the Daily Journal's public filings. Munger often told shareholders the company would be in serious trouble if Salzman "were hit by a bus," yet Salzman consistently put those fears to rest by delivering strong results.

His close stewardship of the company's finances kept it profitable even as similar companies faltered. He was decidedly old school, eschewing the perks and trappings of modern corporate culture. Yet, Salzman inspired deep loyalty among his employees, and many spent their entire careers with the company. He was also ahead of his time in promoting women; long before it became common elsewhere, women held many of the supervisory roles at the Daily Journal.

Tu To, now the chief financial officer of the Daily Journal, began working at the Daily Journal in 1984.

"Throughout these years, I could see that Jerry worked diligently and devoted a lot of his time and efforts to managing the two companies, especially in building the judicial software business, which initially was a small company of about 20 clients, when purchased in 1999, and has grown and developed into what we now have as Journal Technologies, Inc," To said.

"Jerry designed the full set of the company's financial statements, which many of the auditors have complimented on the 24-month comparative financial information with variance fluctuations for ease of financial analysis purposes, and a full set of receivable and sales management analysis reports, which we have continued to use," To continued.

Danny Hemnani, the CEO of Journal Technologies, worked closely with Salzman for more than 20 years - first at the Daily Journal and then at Journal Technologies.

"I was inspired by his discipline and dedication. His integrity and commitment to doing things the right way set a lasting example for many of us. He often pushed us beyond our limits and defined roles, encouraging us to step into unfamiliar areas of the business--something that ultimately made us more well-versed, capable, and richer in knowledge.

"Jerry's more than 40 years of service were foundational in building Journal Technologies. I'm deeply grateful for what I learned from him, and for the leadership he provided in the early years of Journal Technologies -- leadership that helped shape the technology we continue to build on today," Hemnani continued.

Michelle Stephens began her career at the Daily Journal as a high school student, working part-time as a typist. She continued with the company throughout college and, over the next 47 years, advancing to leadership roles. By the time she retired last year, she was executive vice president of the Daily Journal's newspaper division, overseeing multiple departments.

"Jerry was a mentor to me and many others. He recognized the potential in people and enjoyed helping them develop it. Jerry strived for excellence and provided guidance to help others do the same. He appreciated hard work and loved a success story. His dedication and commitment to the Daily Journal Corporation were evident in the consistent effort he put into helping build its success. I am grateful for the many years we worked together and all the opportunities he provided to me," Stephens said.

Born in 1939 in Graymont, Illinois--now population 185--Salzman was the son of a rural mail carrier, hardware store manager, part-time farmhand, and community softball player, and a mother who juggled even more jobs, mostly as a cook. His first summer job was cleaning and painting corn storage bins for 85¢ an hour. During high school and college summers, he worked on a five-man construction crew for a local contractor.

After graduating from Graymont Grade School in 1953 (class of 10), Salzman attended Pontiac Township High School (500 students), 8 miles away, where he played baseball and basketball, graduating in 1957. He studied accounting at the University of Illinois and pledged Alpha Kappa Lambda -- a connection that proved valuable after a summer job with Price Waterhouse & Co. in Chicago. Days after graduating in 1962, he reported to PWC's Los Angeles office. That first night, he watched Sandy Koufax face Lou Burdette at Dodger Stadium. Early on, he coached UCLA's summer baseball team, managed and played for the Hollywood Presbyterian Church basketball team, and spent years in the Barristers fast-pitch softball league.

In 1968, a PWC client -- Fund of Letters (later New America Fund) -- hired Salzman as vice president and controller, a role that allowed him to take on others: VP and general manager of Hollywood Park and Marineland; administrator at Munger Tolles & Olson; CFO, treasurer, and secretary of biotech startup Ingene; and executive VP of the Tri-Cities Triplets minor league baseball team. When the Fund acquired the Daily Journal in 1977, Salzman was named publisher.