Berkshire Hathaway (BRK-A, BRK-B) board member 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 world travels for philanthropic ventures, in addition to the daily routine of being a farmer working his own land.
“I’ve been to a hundred and fifty countries or something like that. And I’m on the road a lot. I’ve been to Ukraine five times in 2022. And the same five times in 2023, and probably four or five times. So this year there are trips that I won’t be making. ”, Buffett told me on Yahoo Finance’s Starting bid podcast (video above).
It is widely expected that the board will appoint Buffett – who has been on the board since 1993 – as non-executive chairman.
The 69-year-old Buffett is seen as the ‘guardian’ of the unique Berkshire culture that his father and former lieutenant Charlie Munger have created in recent decades. The company itself is a beast and requires expert planning and oversight by Berkshire’s board.
Its activities range from operating one of the country’s most important rail lines in Burlington Northern to supporting the housing market through homebuilder Clayton Homes.
Buffett has an extensive management resume, ranging from working in investor relations at commodities player Archer Daniels Midland (ADM), to being a board member of his father’s favorite drink and longtime stock investment Coca-Cola (KO). (He retired of the Coke board in 2016 after 17 years).
Buffett is also chairman and CEO of the Howard G. Buffett Foundationfounded 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 donate $800 million to the country this year, and is eyeing another $250 million by 2025.
“I have to keep in mind that I just have to be there to do my job (at Berkshire) and my responsibility. So I think the risk level of what I’m doing in my life today will probably decrease,” Buffett said. “I will not be leading the company as non-executive chairman. My job will be to support Greg (future CEO Greg Abel) in every way possible.”
Berkshire investors got a glimpse into the future earlier this month.
The annual shareholders meeting marked a new era for the Oracle of Omaha. It was his first without his right hand, 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 goes, I simply can’t imagine having a conversation with Charlie in which he misled me,” Buffett said later.
Succession is not easy at any company. John Chambers, former CEO of Cisco, shares how he laid the foundation for future leaders in a recent episode of the ‘Starting bid‘podcast. Listen in below.
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Brian Sozzi is editor-in-chief of Yahoo Finance. He is also the host of the ‘Starting bid‘podcast. Follow Sozzi on Twitter/X @BrianSozzi and further LinkedIn. Tips about deals, mergers, activist situations or something else? Email brian.sozzi@yahoofinance.com. Are you a CEO and want to join Yahoo Finance Live? Email Brian Sozzi.
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