Warren Buffett names successor: Top 10 things to know about heir and middle child Howard Buffett

Billionaire investor and Berkshire Hathaway's Co-founder, Chairman and CEO, Warren Buffett, 94, has named his successor — middle child Howard Buffett, 70, for a non-executive role in the company. We take a look at who Howard is, why he was chosen and the top things you need to know about him.

Warren Buffett has reportedly been “planning for decades” for the handover — what happens with his company and his wealth after he passes away.

Howard, who goes by Howie in his inner circle - will take over as non-executive chairman of the $1 trillion worth Berkshire Hathaway from Buffett, according to a report by the Wall Street Journal (WSJ).

What About CEO Role?

Also on the Berkshire board is Warren Buffett's daughter Susie Buffett, 71, who has occupied the seat since 2021. While home grown executive Greg Abel will take over the role of CEO.

His three children — Susie, Howard and Peter (66), will not be inheriting most of father Warren Buffett's fortune, but will instead have hold over his $140 billion Berkshire stocks assigned to philanthropic purposes. The move was one of the greatest transfers of wealth in modern history.

Why Was Howie Buffett Chosen?

The report noted that Warren Buffet was upfront about his choice of heir. “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,” Buffett told the WSJ.

The report noted that Howard has been director on Berkshire's board for more than 30 years. He's watched and learnt from Warren Buffett and “turned to his father for advice”.

On taking over, Howard told the paper he is prepared, adding: “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.”

Here Are the Top 10 Things To Know:

• Howie Buffett has been a sheriff, a member of the Nebraska ethanol board and a farmer, the WSJ report said. He has also served on corporate boards and runs a charitable foundation.
• On the future of the company, Howie Buffett told the paper: “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 rocwket science.”
• Howie had trouble with college and on his father's advice moved to Los Angeles to work at candy company See’s (owned by Berkshire).
• He has a son, Howard Warren Buffett with first wife Devon Morse. He also had four step-daughters when marred to Morse.
• He started his own excavating business before becoming a farmer. Warren Buffett bought him the farm and he paid his father “market-rate rent”, as per the report.

• Moving up the ladder he took the county board of commissioners office in 1989. Later he also became a member, and then chairman, of the state ethanol board.
• Since 1993, he has served as director on a number of corporate boards, including Berkshire, Coca-Cola Enterprises, Lindsay Corporation, Sloan Implement, and packaged-food maker ConAgra Foods.
• As per the WSJ report, he spent years as partner and investor at agricultural equipment-maker GSI Group.
• From 2017-18, he was sheriff of Macon County, Ill., after previously serving as an auxiliary deputy.
• His sister Susie Buffett described Howie as: “When Howie gets interested in something, he gets interested 110%,” Susie Buffett said. And brother Peter Buffett described him as: "(He) feels a responsibility to preserve our father’s legacy. He carries the weight of meaning around Berkshire and what my dad has built.”

(With inputs from the Wall Street Journal)