Billionaire investor and co-founder of Berkshire Hathaway Warren Buffett has named his middle child, Howard “Howie” Buffett, his successor. The 70-year-old will take over as non-executive chairman of the $1 trillion (about Rs 86.55 lakh crore) business empire.
The 94-year-old billionaire, in an interview with The Wall Street Journalrevealed that almost all of his remaining wealth will be spent on a new charity. Mr. Buffett, who has been planning for the transition for “decades,” 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 in Berkshire stock earmarked for philanthropic efforts.
In choosing Howie as his successor, Mr. Buffet said, “He gets it because he’s my son. I’m very, very lucky in the fact that I trust all three of my children.”
Howie, who has served as a director on Berkshire’s board of directors for more than 30 years, says he feels ready to take on the role. “I feel like I’m prepared because he prepared me. That means a lot of years of influence and a lot of years of teaching,” he told the WSJ.
Who is Howie Buffet?
- Howie Buffett struggled during his college years but eventually found his footing under the guidance of his father, according to a WSJ report. 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 excavating company before switching to agriculture.
- Warren Buffett bought a farm for Howie, who paid his father a market rent to operate it, according to WSJ. Over time, Howie became a strong advocate of no-till farming, with an emphasis on soil conservation and sustainable agricultural practices.
- In 1989, Howie Buffet joined the 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 a deputy.
- Since 1993, Howie Buffet has served as a director on the boards of several leading companies, including Berkshire Hathaway, Coca-Cola Enterprises, Lindsay Corporation, Sloan Implement, ConAgra Foods and agricultural equipment manufacturer GSI Group.
- Howie Buffet has established a charitable foundation that focuses on conservation and other philanthropic initiatives. He has also written eight books on wildlife conservation, conservation and related topics. Howie Buffett married Devon Morse, with whom he had a son, Howard Warren Buffett. He also had four stepdaughters from his marriage to Morse.