Howard Buffett, Warren Buffett’s son, talks about life as the potential next chairman of Berkshire Hathaway
Being on the board of Berkshire Hathaway (BRK-A, BRK-B) will look a little different for Warren Buffett’s eldest son, Howard G. Buffett, once his legendary father is no longer chairman.
And he knows it will change a life that has long consisted of frequent travel around the world for philanthropic projects, as well as the daily routine of a farmer cultivating his own land.
“I’ve been to about a hundred and fifty-five countries. And I’m on the road 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, this So these are trips I won’t take,” Buffett told me on Yahoo Finance’s Opening Bid podcast (video above).
The board is widely expected to vote Buffett — who has served on the board since 1993 — as non-executive chairman.
Buffett, 69, is considered the “custodian” of the unique Berkshire culture that his father and longtime lieutenant Charlie Munger created over decades. The business itself is a beast, requiring expert planning and oversight from Berkshire’s board of directors.
Business ranges from operating one of the nation’s most important railroads at Burlington Northern to supporting the housing market through homebuilder Clayton Homes.
Buffett has a long management resume, ranging from his work in investor relations at commodities player Archer Daniels Midland (ADM) to serving as a board member at his father’s favorite beverage and its stock investment, Coca-Cola (KO). (He retired from the Coke board in 2016 after 17 years).
Buffett is also chairman and CEO of the Howard G. Buffett Foundation, founded in 1999.
Much of the foundation’s work in recent years has focused on war-torn Ukraine. Buffett tells me the nonprofit is on track to give $800 million to the country this year and plans to contribute another $250 million for 2025.
“I’ll have to keep in mind that I just need to be there to do my job (at Berkshire) and my responsibilities. So I think the risk level of what I’m doing in my life today will go down probably,” Buffett said. “I will not run the company as a non-executive chairman. My job will be to support Greg (future CEO Greg Abel) in every way possible.”
Berkshire investors got a glimpse of its future earlier this month.
Its annual shareholder meeting marked a new era for the Oracle of Omaha. It was his first without his right arm, Charlie Munger, who died on November 28, 2023, just before his 100th birthday.
Buffett described Munger as “the architect of Berkshire” and his request for shareholders to “join me in applauding Charlie” was met with cheers and a standing ovation. The packed room included Tim Cook, CEO of Apple (AAPL), Jane Fraser, CEO of Citigroup (C), and Bill Gates, co-founder of Microsoft (MSFT).
“As far as having a partner, I just can’t think of a conversation I had with Charlie that would have misled me,” Buffett later said.
Succession is not an easy thing to achieve in any business. John Chambers, former longtime Cisco CEO, discusses how he laid the foundation for future leaders in a recent episode of the “Opening Bid” podcast. Listen below.
Brian Sozzi is the editor-in-chief of Yahoo Finance. He is also the host of the ‘Opening offer‘ podcast. Follow Sozzi on Twitter/X @BrianSozzi and on LinkedIn. Advice on deals, 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.
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