Warren Buffett is an iconic investor, and his leadership at Berkshire Hathaway (BRK.A, BRK.B) is the stuff of legend.
Under Warren Buffett, Berkshire Hathaway stock beat the S&P 500 38 out of 48 years 10 times since the investing guru took over in 1965. And according to a recent Newsday report, “cumulatively, Berkshire has delivered compounded annual gains of 19.7% to the S&P 500’s 9.8%” since Warren Buffett took the helm.
Of course, the Oracle of Omaha is now 83 years old and it’s time for Berkshire investors to start thinking of the future. Warren Buffett is reportedly weighing retirement and who will take the helm of BRK stock after he departs.
But in a recent interview with Liz Claman over at Fox Business Network, Warren Buffett revealed he isn’t eager to hand over the reins just yet or name who will be sitting in his seat.
When Claman asked Warren Buffett whether he will name his successor this year, the Berkshire Hathaway CEO responded, “No…Well, because it — it could change between now and when that person succeeds me.” He went on to say, “it may be next year they succeed me, it may be 10 years from now” and “their age would enter into who the successor would be, for example, because I believe that anybody who takes my job ought to have a very long run at it. They’ll do better if they do.”
That seems to indicate Buffett isn’t going anywhere anytime soon.
The news comes as Berkshire Hathaway hosts its annual shareholders meeting in Omaha, Neb. Attendance could hit a record this year.
Check out the full FBN interview for more details, including more about Warren Buffett’s succession and how his involvement with the recent Coca-Cola (KO) compensation package put him in an awkward position.
Jeff Reeves is the editor of InvestorPlace.com and the author of The Frugal Investor’s Guide to Finding Great Stocks. As of this writing, he did not hold a position in any of the aforementioned securities. Write him at email@example.com or follow him on Twitter via @JeffReevesIP.