Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) Chairman and CEO Warren Buffett spoke with FOX Business Network’s (FBN) Liz Claman about the upcoming shareholder meeting, his succession plans and the economy. Regarding naming his successor, Buffett said he had no plans to do so this year because “it could change between now and when that person succeeds me.” He went on to say that “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.” Howard Buffett also joined the conversation and spoke with Liz Claman about his father abstaining from voting on The Coca-Cola Company (NYSE:KO) compensation packages, saying ” It’s not productive to try to solve some of those problems in the public. And so, you know, I didn’t feel it was awkward at all. I have a great working relationship with everybody on the board and Muhtar and so we just talk about those things.”
Excerpts from the Warren Buffett interview are below:
Warren Buffett on whether he will name his successor this year:
“I can tell you the answer, no. No…Well, because it — it could change between now and when that person succeeds me. And, uh, there’s just no reason to. Uh, it may be next year they succeed me, it may be 10 years from now. It’s hard to tell. And — 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.“
Warren Buffett on expected attendance at this years shareholder event:
“We have 11,000 plus more tickets out there. Now that’s about — it’s about 10 percent more tickets out. So I would expect maybe 10 percent more people than we’ve had before…38,000. But, of course, they come and go during the day, too. So there’s probably never a time that — there isn’t a time when 38,000 are there. But there’s a lot of times when 30,000 are there and then people come in the afternoons. Some of them do. Some of them will come in the morning and leave in the afternoon.”
Warren Buffett on whether 38,000 is an attendance record:
“Yes, that would be a record. Yes.”
Warren Buffett on Nebraska Furniture Mart sales this Tuesday:
“Well, on Tuesday, we did $7.8 million of business. Now, we have the largest furniture store in Sacramento, the largest furniture store in — in Las Vegas, Salt Lake City and Boise. None of those stores does as much in a month as that store did on Tuesday.”
Warren Buffett on whether Tuesday’s sales reflect growth in the economy:
“Well, the economy is, and clearly in Omaha, the economy is good. And — and most of those people, half the people who go out there probably are from Omaha. But, uh, our stockholders come to spend. And I’d encourage it, too.”
Howard Buffett on whether his father abstaining from voting on Coca-Cola compensation packages put him in an awkward position:
“Not really. I mean, you know, he and I talk about it…there’s a lot of stuff in the public that just is very inaccurate, and to some degree, unfair in some ways. So, you know, it’s — it’s not productive to try to solve some of those problems in the public. And so, you know, I didn’t feel it was awkward at all. I have a great working relationship with everybody on the board and Muhtar and so we just talk about those things.”
Howard Buffett on whether the criticism of his father abstaining from voting on Coca-Cola compensation packages was unfair:
“No, I think that’s his choice, to make that decision. And there’s reasons why. I mean I think he clearly wanted to support the management of Coca-Cola and Muhtar [Kent], which there’s nobody better than Muhtar to run that company and — and he feels that way. I mean he could tell you that, not me. But I mean, you know, I just think that when you support the management and believe in a company and believe in the CEO, you know, you’re careful about what you do. And so I think he made a decision where he felt the most comfortable. And that’s his business to make that decision.”
