Wally Weitz Stepping Down From Weitz Value in December
Fund will be left in experienced hands.
Wally Weitz announced that he will step down as comanager of
Weitz Value is not being left in inexperienced hands. Brad Hinton and Dave Perkins will remain as comanagers of the fund. Hinton has been a comanager on Weitz Value since August 2006 and Perkins since year-end 2011, although he has been with the firm since 2004. Moreover, those two will continue to draw on Weitz's expertise in his role as CIO.
This announcement is not terribly surprising, as Wally Weitz has been proactively addressing succession issues for years. He has promoted internally and in 2006 began selling 2% of the firm each year to employees. Both moves have helped with retention and have left the team prepared for transitions such as this.