Howie Buffett, the middle offspring of Warren Buffett, is gearing up to assume a major position at Berkshire Hathaway, the nearly $1 trillion conglomerate established by his father. At 70 years of age, Howie has been identified as the future nonexecutive chairman of the company, a role that will necessitate him to maintain Berkshire’s distinctive culture. Currently, Warren Buffett, aged 94, holds the dual positions of chairman and CEO at Berkshire Hathaway.
Warren has expressed his desire for Howie to follow in his footsteps as nonexecutive chairman. “He’s getting it because he’s my son,” Warren remarked. “I’m incredibly fortunate to have such trust in all three of my children.”
For over three decades, Howie has served as a director on Berkshire’s board, witnessing firsthand how his father evolved the business from a failing textile manufacturer into a towering corporate powerhouse.
“I believe I’m ready for it because he has prepared me well,” Howie stated. Besides his future role at Berkshire, Howie, along with his siblings Susie and Peter, will oversee the allocation of approximately $140 billion in Berkshire stock toward charitable initiatives.
The Buffett family succession strategy
Warren Buffett has opted for his children not to inherit a significant portion of his wealth, preferring instead to channel it toward charitable endeavors. Berkshire Hathaway encompasses extensive sectors of the economy, including insurance, utilities, and even cowboy boots, along with substantial stock holdings in businesses like Apple, Bank of America, and Coca-Cola.
Warren Buffett’s profound influence as an investor and key shareholder has played a critical role in Berkshire’s achievements. Regarding the culture that Howie is meant to uphold, he mentions, “The culture revolves around simplicity—do what’s necessary and avoid unnecessary tasks. Treat everyone fairly, show respect to your managers, and honor your shareholders.”
Deliver the bad news straight away, be truthful.”
Growing up in Omaha, Howie brought a spirited energy to the Buffett household. After facing challenges at several colleges without completing a degree, he embarked on various professional experiences, including a position at See’s Candy, a company owned by Berkshire. As Warren Buffett continues to craft his legacy and lay the groundwork for the future, Howie is poised to embrace a role that aims to uphold the principles and traditions that have solidified Berkshire Hathaway’s reputation.
