Warren Buffett, the 94-year-old investment guru and CEO of Berkshire Hathaway, has named his middle child, Howard “Howie” Buffett, 70, as his successor in a non-executive role within the company. Howie Buffett, who has been on the Berkshire board for over 30 years, will become the non-executive chairman, while home-grown executive Greg Abel will take over as CEO. Warren Buffett expressed his trust in all three of his children, stating, “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 Buffett, who has learned from his father and turned to him for advice, remarked, “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.”
Howie Buffett has had a diverse career, serving as a sheriff, a member of the Nebraska ethanol board, a farmer, and on various corporate boards. He also runs a charitable foundation.
When asked about the future of Berkshire Hathaway, Howie stated, “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. It’s not rocket science.”
Howie Buffett’s personal life includes a son, Howard Warren Buffett, from his first marriage to Devon Morse, and four step-daughters from his marriage to Morse.
Howie Buffett to lead Berkshire
He started his own excavating business before becoming a farmer on land bought by his father, to whom he paid market-rate rent. Howie Buffett has been involved in politics, serving on the county board of commissioners and as a member and chairman of the state ethanol board.
He has also served on numerous corporate boards since 1993, including Berkshire, Enterprises, Lindsay Corporation, Sloan Implement, and ConAgra Foods. Additionally, he spent years as a partner and investor at agricultural equipment-maker GSI Group and served as the sheriff of Macon County, Illinois, from 2017-18. Howie Buffett’s siblings have expressed their support for his new role.
His sister Susie said, “When Howie gets interested in something, he gets interested 110%,” while his brother Peter added, “He feels a responsibility to preserve our father’s legacy. He carries the weight of meaning around Berkshire and what my dad has built.”
Warren Buffett’s three children will not inherit most of their father’s fortune, which will instead be used for philanthropic purposes. The Buffett children will oversee significant philanthropic efforts, ensuring their father’s legacy endures.
With Howie Buffett’s diverse background and years of experience on the Berkshire board, Warren Buffett has been planning for a smooth transition of leadership at the company for decades.
