Buffet to announce son Howie to succeed him at Berkshire Hathaway: Forbes
12 Dec 2011
In an interview with 60 Minutes aired this Sunday, Warren Buffett announced his son Howard – or ''Howie'', as he's known in the family as his successor at Berkshire Hathaway.
According to the elder Buffett, his son would serve as a ''guardian'' of the company's ''values'' rather than a CEO, as long as the company's board approved it.
When America's second richest person Buffett Sr quits, 56-year-old Howard would step in as ''non-executive chairman'', an unpaid position.
He would have little to do with strategy at the multi-billion-dollar investment firm, and will keep his day job as a corn and soybean farmer.
''You worry that somebody will be in charge of Berkshire that uses it as their own sandbox in some way,'' Buffett explains in Sunday's interview.
''That changes the way that decisions are made in reference to the shareholders. The odds of that happening are very, very, very low, but having Howie there adds just one extra layer of protection.''
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