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Warren Buffett (left), Howard G. Buffett (center) and grandson Howard W. Buffet.
Famous investor and Berkshire Hathaway Chairman Warren Buffett is preparing his middle son Harvard Buffett alias Howie to be the next chairman of the company. This decision was not taken in one fell swoop, but 94-year-old Buffett had been looking for a successor for decades.
According to the Wall Street Journal report, it took so much time because Buffett wanted someone who could handle the $954 billion (about Rs 82 lakh crore) corporate group the way he has been handling it.
Buffett is clear about why he chose Howie for the position. However, he said – Howie is getting this responsibility because he is my son. I am very fortunate that I have confidence in all three of my children.
Buffett has also made it clear that his children will not inherit all his wealth. Howie, along with two siblings, 71-year-old Susie and 66-year-old Peter, will have to spend about Rs 12 lakh crore of Berkshire’s wealth on philanthropy.
Howie Buffett with father Warren Buffett.
Buffett said – Howie does not have to run the business, he just has to choose the right CEO.
In 2013, Warren Buffet made Howie the non-executive chairman, when there were many talks about his selection.
Hedge-fund manager Doug Kass asked Warren – Howie has never run a business. Nor are they experts in risk management. He has never even invested in any stock. So how is Howie the most qualified person for this role?
In response to this question, Buffett had said – Howie will not need to think about running the business. Having a non-executive chairman will make it easier to make a change if he and the board realize they have hired the wrong CEO.
Howie said – I have been on the board for 30 years, have seen my father’s work closely. Howie said- He has been a director on the board of Berkshire for 30 years. I have been being trained for many years. Now ready for a new role. I have spent most of my life watching my father’s work closely.
He said that in my childhood I used to listen to Buffett’s conversations on telephone. I used to ask my father questions about things he didn’t understand.
These 4 messages from Howie for the core team
- Make things simple. Make every effort to keep the work culture of the company as it is.
- Do what you need to do, but avoid doing too many things at once.
- Treat people fairly. Also respect your managers and shareholders.
- Tell investors the bad news in advance Let’s be honest, this is not rocket science.
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Also read this news related to Warren Buffet…
Warren Buffett sold his 25% stake in Apple: Cash stock increased to ₹ 27.36 lakh crore, is the 6th richest person in the world.
Berkshire Hathaway Inc, the company of American billionaire and investor Warren Buffet, has once again sold its 25% stake in iPhone maker Apple. After this sale, Warren Buffet’s cash stock has increased to a record $ 325.2 billion (about Rs 27.36 lakh crore) in the third quarter. Read the full news…
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