News
Warren Buffett’s Son Howard Buffett on His Life as the Potential Next Chairman of Berkshire Hathaway
Being a Berkshire Hathaway (BRK-A, BRK-B) board member will look a little different to Warren BuffettThe eldest son of Howard G. Buffett, since his legendary father is no longer president.
And he knows it will change a life that has long consisted of frequent travel around the world for philanthropic endeavors, along with the daily grind of being a farmer cultivating his own land.
“I’ve been to a hundred and fifty-five countries or something like that. And I’m traveling a lot. I’ve been to Ukraine five times in 2022. And the same thing five times in 2023, and probably four or five times this year. So those are trips which I won’t do,” Buffett told me on Yahoo Finance’s. Opening bid podcast (video above).
The board is expected to vote for Buffett – who has been on the board since 1993 – as non-executive chairman.
Buffett, 69, is seen as the “guardian” of the unique Berkshire culture that his father and longtime lieutenant Charlie Munger created over the decades. The deal itself is a beast, requiring expert planning and oversight from Berkshire’s board.
The business ranges from operating one of the country’s most important railroads, in Burlington Northern, to supporting the real estate market through construction company Clayton Homes.
Buffett has an extensive management resume, ranging from working in investor relations at commodities firm Archer Daniels Midland (ADM), to being a board member of his father’s favorite drink and investing in inherited shares of Coca-Cola (Knockout). (He retiree of the Coca board in 2016, after 17 years).
Buffett is also chairman and CEO of Howard G. Buffett Foundationfounded in 1999.
TODAY – Pictured: (l-r) Warren Buffett and Howard G. Buffett appear on NBC News’ “Today” show – (Photo by: Peter Kramer/NBC/NBC Newswire/NBCUniversal via Getty Images) (NBC NewsWire via Getty Images)
Much of the foundation’s work in recent years has been directed toward war-torn Ukraine. Buffett told me the nonprofit is on track to donate $800 million to the country this year and plans another $250 million for 2025.
“I need to keep in mind that I only need to be around to do my job [at Berkshire] and my responsibility. So I think the risk level of what I do in my life today will probably decrease,” Buffett said. “I will not run the company as non-executive chairman. My job will be to support Greg [future CEO Greg Abel] in every way I can.”
Berkshire investors got a look at its future earlier this month.
That’s it annual shareholders meeting marked a new era for the Oracle of Omaha. He was the first without his right-hand man Charlie Munger who died on November 28, 2023, just before his 100th birthday.
Buffett described Munger as the “architect of Berkshire,” and his call for shareholders to “join me in applauding Charlie” was met with applause and standing ovations. The packed house included Apple (AAPL) CEO Tim Cook, Citigroup (W) CEO Jane Fraser and Microsoft (MSFT) co-founder Bill Gates.
The story continues
“In terms of having a partner, I just can’t think of a conversation I’ve had with Charlie where he cheated on me,” Buffett later said.
Succession is not something easy to achieve in any company. Former longtime Cisco CEO John Chambers talks about how he laid the groundwork for future leaders in a recent episode of ‘Opening bid‘ podcast. Listen below.
This embedded content is not available in your region.
Brian Sozzi is the executive editor of Yahoo Finance. He is also the host of ‘Opening bid‘ podcast. Follow Sozzi on Twitter/X @BrianSozzi and so on LinkedIn. Tips on business, mergers, activist situations or anything else? Email brian.sozzi@yahoofinance.com. Are you a CEO and want to participate in Yahoo Finance Live? Email Brian Sozzi.
Click here for the latest stock market news and in-depth analysis, including events moving stocks
Read the latest financial and business news from Yahoo Finance