Billionaire investor and Berkshire Hathaway co-founder Warren Buffett has named his middle child, Howard “Howie” Buffett, as his successor. The 70-year-old will take over as non-executive chairman of the $1 trillion (roughly Rs. 86.55 lakh crore) business empire.
The 94-year-old billionaire revealed in an interview with The Wall Street Journal that almost all of his remaining wealth will be given to a new charitable trust. Mr Buffett, who has been “planning for decades” for the change, has ensured that his three children – Susie, Howard and Peter – will not inherit the bulk of his fortune, but will instead manage the new trust. The trio will oversee $140 billion worth of Berkshire shares dedicated to philanthropic efforts.
On choosing Howie as his successor, Mr. Buffett said, “He’s getting it because he’s my son. I’m very, very, very fortunate in that I have confidence in all three of my kids.”
Howie, who has served as a director on Berkshire’s board for more than 30 years, said he feels prepared to take on the role. “I think I’m prepared for this because they prepared me. It’s many years of influence and many years of teaching,” he told the WSJ.
Who is Howie Buffett?
- A report from the WSJ states that Howie Buffett struggled during his college years but eventually found his footing with the guidance of his father. On the advice of Warren Buffett, Howie moved to Los Angeles to work at See’s Candies, a company owned by Berkshire Hathaway, to gain practical business experience. He later started his own quarrying business before going into farming.
- According to the WSJ, Warren Buffett purchased a farm for Howie, who paid market rate rent to his father to operate it. Over time, Howie became a strong advocate of no-till farming, focusing on soil conservation and sustainable agricultural practices.
- In 1989, Howie joined the Buffett County Board of Commissioners and later became a member and eventually chairman of the Nebraska Ethanol Board. From 2017 to 2018, he served as Sheriff of Macon County, Illinois, following his previous role as an assistant deputy.
- Since 1993, Howie Buffett has served as a director on the boards of several major companies, including Berkshire Hathaway, Coca-Cola Enterprises, Lindsay Corporation, Sloan Implement, ConAgra Foods, and agricultural equipment manufacturer GSI Group.
- Howie Buffett established a charitable foundation focused on conservation and other philanthropic initiatives. He has also written eight books on conservation, wildlife and related subjects. Howie Buffett is married to Devon Morse, with whom he has a son, Howard Warren Buffett. From her marriage to Morse, she also had four stepdaughters.
