Warren Buffett transformed the investing space and became the oldest CEO, turning Berkshire Hathaway into a trillion-dollar empire. At 94, the Oracle of Omaha announced his departure from his role, set to pass on the baton to Greg Abel. However, questions arose as to who would inherit his assets, with 99% of them committed to philanthropy after he passes.
As per reports, the high-stakes non-executive chairman position is set to go to Warren Buffett’s middle child, Howie Buffett. In fact, in a 2011 interview with CBS News, the Warren Buffett had stated his desire for his son, to carry on his legacy after his death. Howard’s father described him as the “guardian” of the company. Even then, the potential successor was amenable to the plan.
Who is Howie Buffett?
Farmer, philanthropist, and Warren Buffett’s middle child, Howard Graham Buffett, likes to be called “Howie”. He had held several job titles over the years at Berkshire Hathaway subsidiaries, including a sheriff, chairman of the Nebraska ethanol board, and even a best-selling author.
Howie has served on the boards of companies such as Archer-Daniels-Midland, The Coca-Cola Company, Coca-Cola Enterprises, Lindsay Corporation, ConAgra Foods, Sloan Implement, and Berkshire Hathaway. However, he has always had front-row seats to his father’s leadership with over three decades of training by Warren Buffett’s side.
In the past, Warren Buffett brushed aside worries about Howie’s limited experience, saying his son wouldn’t be running the business but rather ensuring the board could step in if a CEO change was ever needed. For Buffett, the key quality in a non-executive chairman is deep knowledge of Berkshire’s culture, something Howie already brings, especially as he has no intention of pushing for changes, reported the Wall Street Journal.
Warren Buffett’s vast assets
With heavy reliance on family trust, Warren Buffett trusts Howie to take Hathaway forward. Overall, Warren Buffett’s highest-priced assets include 206,359 Class A Berkshire Hathaway shares worth $142.9 billion. His Omaha residence is worth $1.5 million today in addition to a vacation home he bought in 1971, which is currently valued at $7.5 million.
With great emphasis on cash reserves among Warren Buffett’s investing tips, reports suggest that he has liquid assets that exceed $340 billion in his company’s cash.
Howard “Howie” Buffett, Warren Buffett’s son is a farmer, philanthropist and high-stakes board member.
