Warren Buffett has tapped his son Howard “Howie” Buffett to be his successor at Berkshire Hathaway, CBS News reported today.
The billionaire revealed his decision in an interview on the CBS show “60 Minutes,” which will air on Dec. 11.
According to Forbes Magazine:
The elder Buffett tells interviewer Leslie Stahl that his son will serve as a “guardian” of the company’s “values” rather than a CEO, as long as the company’s board approves. When America’s second richest person Buffett Sr. dies, 56-year-old Howard will be “non-executive chairman,” an unpaid position.
Howie, who doesn’t have a college degree, currently manages a 400-acre corn and soybean farm in Nebraska, The Street reported. Unlike most farmers, he has served on Berkshire's board since 1993. He’s also sits on the boards of Coca Cola, The Lindsay Corporation and Sloan Implement, according to The Street, and is a former board member at ConAgra Foods and Archer Daniels Midland.
Howie told “60 Minutes” that he was surprised that his father chose him to be his successor, but he’s happy to do it "as long as I can keep farming,” CBS News reported. Howie also said that he doesn’t expect to take over from his 81-year-old father any time soon, CBS News reported. “He won’t leave until he’s buried in the ground,” Howie said.
More from GlobalPost: Warren Buffett says S&P got it wrong