BlackRock (BLK) CEO Larry Fink made it clear Thursday that he has no immediate plans to step down, offering little new insight into who might eventually take the reins at the world’s largest asset manager.
“I’m not planning to leave BlackRock anytime soon,” Fink said during the firm’s annual investor day in New York City. “So you don’t have to have those questions later on.”
At 72, Fink remains a dominant figure at the firm he co-founded in 1988. Under his leadership, BlackRock has grown into a financial powerhouse, managing more than $11 trillion in assets. Yet, with succession top of mind for many investors, the recent departures of several top executives have only fueled speculation about what comes next.
Among those exits is Mark Wiedman, former head of BlackRock’s global client business, who now holds a senior role at PNC Financial Services Group (PNC). Another notable departure was Salim Ramji, who left to become CEO of Vanguard Group, a key BlackRock rival.
Fink acknowledged the importance of succession planning, noting that “a top priority” for both himself and BlackRock President Rob Kapito is “working with the board” to ensure “we’re developing the next generation of leaders for BlackRock.”
That leadership pipeline is increasingly important as the firm embarks on a strategic expansion into private markets. Over the past year, BlackRock has spent more than $28 billion on acquisitions aimed at deepening its reach into this sector. These deals include the purchases of infrastructure investment specialist Global Infrastructure Partners, private markets data provider Preqin, and private credit firm HPS Investment Partners.
With that transformation underway, the question of Fink’s eventual successor has grown more pressing, said Cathy Seifert, a CFRA analyst who covers BlackRock. In a conversation with Yahoo Finance earlier this week, she emphasized that the firm’s succession plans “need to be a little more buttoned up, particularly in light of some of the shifts going on at the firm.”
Fink and the executive team used the investor day to lay out bold five-year targets. By 2030, BlackRock aims to increase revenue to over $35 billion and double both its operating income and market capitalization.
As of early Thursday afternoon, BlackRock shares were slightly lower, though the stock is up 29% over the past year.
“We know you’re looking to see if we could execute,” Fink said to investors, referring to the firm’s recent acquisitions.
“I believe it’s very achievable,” he added.
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