Buffett told CNBC on Thursday that the CEO will probably be announced within two weeks.
The two men noted that companies often hesitate to spend on technology, hiring, and research and development in order to meet quarterly earnings guidance that can be impacted by seasonal factors beyond their control, such as political events and even weather.
Buffett and Dimon announced they are partnering with Business Roundtable, a group of roughly 200 CEOs of major US companies, to call on companies to consider eliminating quarterly guidance.
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Hedge fund Elliott Management Corp Chief Executive Paul Singer said on Thursday he agreed with billionaire investor Warren Buffett and JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon that companies should move away from providing quarterly earnings guidance.
Business Roundtable said it supports companies moving away from offering quarterly guidance and focusing on long-term goals.
Securities laws require quarterly reports on profits, revenue and other information but do not require quarterly forecasts. At JPMorgan's investor day in February, he called on companies to stop providing the guidance, saying earnings are hard to predict and companies have an incentive to fudge numbers.
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A less compelling argument is that corporate EPS guidance more or less anchors analysts' EPS estimates.
In the op-ed, Dimon and Buffett said the pressure to meet short-term earnings estimates has contributed to a drop in the number of public companies in the USA in the past two decades. "Such short-termism is unhealthy for America's public companies and financial markets - which are critical to economic growth and financial prosperity", Business Roundtable said in a statement. "Public guidance was the fix for many companies". Bloomberg LP, the parent of Bloomberg News, is a member of the Boston-based non-profit group. "We're just tidying up a couple of things".
The practice of forecasting has come under severe criticism in recent times with investors pressurising firms to deliver to their promises, said CNBC.
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