Warren Buffett Names Son Howard As Successor To Lead Rs 82 Lakh Crore Empire

In 2013, when Warren Buffett appointed Howie as the non-executive chairman of Berkshire Hathaway, it sparked considerable debate

After years of careful consideration, Warren Buffett chose his successor

Source : CFA Institute Blogs

Warren Buffett, one of the most successful investors in the stock market, has built a portfolio worth Rs 82 lakh crore, showcasing his investment acumen. At 92, the veteran investor has selected his son, Howard Buffett, to succeed him as the head of Berkshire Hathaway.

After several years of careful consideration, Warren Buffett chose his successor, aiming to find someone who would manage his huge 8.2 trillion euro corporate empire in a way that aligns with his own principles of stewardship, according to The Wall Street Journal.

"I trust all three of my children, and Howard Buffett is capable of handling my responsibilities," Warren Buffett stated. He also clarified that not all of his wealth will be passed on to his children. Howard, along with his siblings Susie and Peter, will be tasked with using around £120 billion of Berkshire’s assets for philanthropic efforts.

When asked about being named as the successor, Howard Buffett said, "I have been a director on Berkshire’s board for 30 years. I have been getting training and learning for many years. I have closely observed my father’s work most of the time, so now I am ready for the new role,” reveals the report.

In 2013, when Warren Buffett appointed Howie as the non-executive chairman of Berkshire Hathaway, it sparked considerable debate. A hedge-fund manager questioned Warren, asking, "Howie has no business experience and has never even invested in stocks. How is he the best choice for this role?"

Buffett responded, "Howie won't need to worry about running the business. If the board determines they’ve chosen the wrong CEO, removing him will be simple." Warren Buffett remains the world’s richest stock market investor and the sixth wealthiest person overall, as per the report.