PM [1]
Rank : Helper
Status : Super Owner
#1
Billionaire investor and Berkshire Hathaway co-founder Warren Buffett has named his middle child, Howard "Howie" Buffett, his successor. The 70-year-old will take over as the non-executive chairman of the $1 trillion (around Rs 86.55 lakh crore) business empire.
The 94-year-old billionaire, in an interview with The Wall Street Journal, revealed that nearly all of his remaining wealth will be directed to a new charitable trust. Mr Buffett, who has been "planning for decades" for the transition, 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 stocks dedicated to philanthropic efforts.
On choosing Howie as successor, Mr Buffet said, "He is getting it because he's my son. I'm very, 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 for over 30 years, said he feels ready to take on the role. "I feel I'm prepared for it because he prepared me. That's 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 with guidance from his father, a WSJ report said. On Warren Buffett's advice, 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 business before transitioning to farming.
Warren Buffett purchased a farm for Howie, who paid his father market-rate rent to operate it, as per WSJ. Over time, Howie became a strong advocate for no-till farming, focusing 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 earlier role as an auxiliary deputy.
Since 1993, Howie Buffet has served as a director on the boards of several prominent companies, including Berkshire Hathaway, Coca-Cola Enterprises, Lindsay Corporation, Sloan Implement, ConAgra Foods, and agricultural equipment-maker GSI Group.
Howie Buffet established a charitable foundation focused on conservation and other philanthropic initiatives. He has also authored eight books on conservation, wildlife, and related topics. Howie Buffett married Devon Morse, with whom he has a son, Howard Warren Buffett. He also had four stepdaughters from his marriage to Morse.