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After years of careful thought, Warren Buffett selected his successor, aiming for someone who would manage his Rs 82 lakh crore corporate empire as he did
Warren Buffet is the world’s richest stock market investor and the sixth richest person in terms of wealth. (AP File)
Warren Buffett is considered one of the most successful investors in the stock market. His portfolio, estimated to be worth Rs 82 lakh crore, is a testament to his acumen. Now, at the age of 92, he has chosen an heir to his vast fortune. Buffett has decided to entrust the leadership of his company, Berkshire Hathaway, to his son, Howard Buffett.
After years of deliberation, Warren Buffett has chosen his successor. The Wall Street Journal reports that Buffett’s decision took considerable time because he sought a successor who would manage his £8.2 trillion corporate asset group in a manner consistent with his own stewardship.
“I trust all three of my children, and Howard Buffett is capable of handling my responsibilities,” Warren Buffett said. He also clarified that not all his property will go to his children. Howie Buffett, along with his two siblings, Susie and Peter, will have to spend about £120 billion of Berkshire’s assets on philanthropic works.
‘Learned the nuances of business from father’
On the other hand, when asked about being chosen as the successor, Howard Buffet 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.”
In 2013, when Warren Buffett made Howie the non-executive chairman of Berkshire Hathaway, his selection fuelled much discussion. A hedge-fund manager asked Warren Buffett, “Howie has no idea of business; he has never even invested in shares. In such a situation, how is he the most eligible person for this role?”
In response to this question, Buffet said, “Howie will not need to think about running the business. If the board realises that they have hired the wrong CEO, it will be easy to remove him from the post.” Warren Buffet is the world’s richest stock market investor and the sixth richest person in terms of wealth.