3 hrs ago
Howard Buffett Takes Berkshire Chairmanship to Protect Culture
Warren Buffett gave up his job as chairman of Berkshire Hathaway on September 18.
He will still stay on the company’s board.
His son Howard Buffett became the new chairman.
Howard is not expected to choose investments or run the company each day.
Greg Abel, the chief executive, will handle those business decisions.
Howard has spent much of his life farming, helping charities, taking photographs and serving in law enforcement.
His job is to protect the special way Berkshire operates.
Warren says Howard is like an insurance policy for the company’s culture if shareholders ever need him.
Warren Buffett stepped down as Berkshire Hathaway’s chairman on September 18 and became chairman emeritus while remaining on the board.
His 71-year-old son, Howard Graham Buffett, succeeded him as chairman after decades on Berkshire’s board.
Howard is a farmer, philanthropist, photographer and former law-enforcement officer rather than a traditional financier.
Greg Abel remains responsible for Berkshire’s daily operations, investments and acquisitions as chief executive.
Howard’s primary duty is to preserve Berkshire’s culture and values, including simplicity, honesty and respect for managers and shareholders.
- Who
- Warren Buffett, Howard Graham Buffett and Greg Abel are central to the leadership transition.
- What
- Warren Buffett stepped down as Berkshire Hathaway’s chairman, and Howard Buffett succeeded him.
- Where
- At Berkshire Hathaway.
- When
- The change took effect on September 18, following Warren Buffett’s earlier handover of the chief executive role to Greg Abel.
- Why
- Howard was chosen to safeguard Berkshire’s culture and values, while Greg Abel handles daily management and business strategy.
Key facts
- Outgoing chairman
- Warren Buffett became chairman emeritus and remains on Berkshire Hathaway’s board.
- New chairman
- Howard Graham Buffett, Warren Buffett’s 71-year-old son.
- Chief executive
- Greg Abel continues to run Berkshire Hathaway’s day-to-day operations.
- Board experience
- Howard Buffett has served on Berkshire Hathaway’s board since 1993.
- Primary responsibility
- Protecting Berkshire’s culture and values rather than directing investments or acquisitions.
- Farming background
- Howard operates farms in Nebraska and central Illinois and supports research related to no-till agriculture.
- Philanthropic work
- Howard has led the Howard G. Buffett Foundation since 1999, focusing on food security, conflict mitigation and human trafficking.
Quotes
Howard Graham Buffett
Berkshire Hathaway chairman and philanthropist
“It’s not rocket science. The culture is to keep things simple, to do what you need to do but don’t do a lot of things you don’t need to do, treat people fairly, respect your managers, respect your shareholders. Tell them the bad news upfront, be honest.”
financialexpress.com
“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian”
financialexpress.com
Sources
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