 He retired in 1978, passing the leadership to John Gutfreund, but regretted it when the latter led the partners into selling the firm for $554 million in 1981 to Phibro, a commodities trading house.He had prized the discipline of partnership, creating a structure in which partners were paid salaries and bonuses but had to retain 95 per cent of their capital in the business until they left.In 1937, Salomon married Virginia Foster; they had two children, Dr. Peter F. Salomon and Susan Salomon Neiman.