"One small example I recall concerns the paint business. Warren promised the sales would remain through independent dealers. When the business head toyed with the idea of selling through large volume chains, Buffett fired him."

Timely. I wonder how much of this was down to his better understanding of the business than the business head, rather than just not wishing to go back on his word?

Headlam a small floorings business in the Uk faced a similar decision about 10 years ago. Uptil then it has been a successful and profitable steadily growing business. No debt, owned the buildings it used. The non execs then brought in a new CEO after deciding that the company was leaving money on the table by not selling more through the big chains rather than the independents it had traditionally worked with.

Just a couple of weeks ago Headlams went bankrupt. Not only did selling more through the big chains lead to high capital investment and costs, it reduced the margins they were getting. Meanwhile, those independents ended up feeling that they were no longer part of the business's long term plans and so reduced or stopped entirely selling Headlam's products.

Coincidentally, the CEO who was replaced a decade ago went on to found Likewise in 2018, a company competing in the same industry, following the same business plan as Headlam had prior to 2016 and is profitable and steadily growing.