Multi-billionaire Warren Buffett, chairman and chief executive of investment company Berkshire Hathaway, has confirmed his son Howard will head the family business after his death.
In an interview with US TV programme 60Minutes, which aired on 11 December, Buffett, 81, said he wants his second-oldest child Howard, 56, to succeed him as chairman of the Omaha, Nebraska-based company.
“I recommended to the directors … that after I die, Howard will be made the non-executive, non-paid chairman,” Warren said.
Peter Buffett, Warren's youngest child, also recently told CampdenFB that his brother would succeed his father.
Howard, a corn and soybean farmer in Nebraska and Illinois, sits on board of directors of Berkshire Hathaway and a number of other companies, including Coca-Cola.
Like his father, he is involved in philanthropy, working as World Food Program ambassador to improve the lives of farmers in developing countries.
Warren, who is the US's second-richest man with an estimated fortune of $50 billion (€37.7 billion) according to Forbes, said he believes Howard will be a good “guardian of the culture” of Berkshire Hathaway.
“I guarantee he will be 100% loyal to trying to preserve a culture which I regard [as] very important to preserve,” he said.
“You worry that somebody will be in charge of Berkshire that uses it as their own sandbox in some way. 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,” he added.
In the same interview, Howard said he was surprised his father named his as his successor, adding he will only take on his dad’s role after the octogenarian dies.
“He won't leave until he's buried in the ground. I hate to put it that way,” he said.