Howie Buffett prepares to succeed his father

Warren Buffett’s middle child, Howie Buffett, is preparing to take on a significant role at Berkshire Hathaway, the nearly $1 trillion conglomerate built by his father. Howie, 70, has been tapped to become the company’s nonexecutive chairman when the time comes, a position that will require him to help preserve Berkshire’s unique culture. Warren Buffett, 94, currently serves as both chairman and CEO of Berkshire Hathaway. He has made it clear that he wants Howie to succeed him as nonexecutive chairman. “He’s getting it because he’s my son,” Warren said. “I’m very, very, very lucky in the fact that I trust all three of my children.” Howie has been a director on Berkshire’s board for more than 30 years and has closely observed as his father transformed the company from a struggling textile maker into a corporate empire. “I feel I’m prepared for it because he prepared me,” Howie said. In addition to his role at Berkshire, Howie and his siblings, Susie and Peter, will be responsible for directing an estimated $140 billion in Berkshire stock to philanthropic causes.

Buffett family’s succession plan

Warren Buffett has decided that his children won’t inherit most of his fortune, instead choosing to donate it to charity. Berkshire Hathaway spans vast areas of the economy, from insurance to utilities and even cowboy boots to railroads. It also owns sizable stock positions in companies like Apple, Bank of America, and Coca-Cola. Warren Buffett’s significant influence as an investor and major shareholder has been integral to Berkshire’s success. As for the culture that Howie is expected to protect, he says, “The culture is to keep things simple, to do what you need to do but don’t do a lot of things you don’t need to do. Treat people fairly, respect your managers, respect your shareholders. Tell them the bad news upfront, be honest.” Growing up in Omaha, Howie was a lively presence in the Buffett home. After struggling through multiple colleges and never earning a degree, he took on various roles, including working at See’s candy company, a Berkshire-owned business. As Warren Buffett continues to shape his legacy and prepare for the future, Howie is ready to step into a role that promises to carry forward the principles and traditions that have made Berkshire Hathaway what it is today.