Berkshire Hathaway's (BRK-A, BRK-B) board position will look a bit different for its eldest son, Howard G. Buffett, once his legendary father, Warren Buffett, steps down as chairman.
And he knows it will be a game changer for him, as he has frequently traveled the world for charity work alongside his daily routine as a farmer working his land.
“I've been to something like 155 countries. And I travel a lot. I went to Ukraine five times in 2022, I'll go to the same place five times in 2023, and probably four or five times this year. So those are trips that I'm not going to take,” Buffett said on Yahoo Finance's Opening Bid podcast (video above).
The board is widely expected to elect Buffett, who has served on the company since 1993, as non-executive chairman.
Mr. Buffett, 69, is seen as the guardian of Berkshire's unique culture, built over decades by his father and longtime protégé Charlie Munger. The business itself is so large it requires expert planning and oversight by Berkshire's board.
The company's businesses range from operating one of the nation's most important railroads in Burlington Northern to supporting the housing market through its homebuilding company, Clayton Homes.
Buffett's management career has ranged from a stint in investor relations at commodities trader Archer Daniels Midland (ADM) to serving on the board of directors of Coca-Cola (KO), his father's favorite drink and a traditional stock investment (he stepped down from the company's board in 2016 after 17 years).
Buffett also serves as chairman and CEO of the Howard G. Buffett Foundation, which he founded in 1999.
Much of the foundation's work in recent years has been focused on war-torn Ukraine, where Buffett told me the foundation plans to give $800 million this year and aims to give another $250 million in 2025.
“I have to remember that I have to be there to do my job. [at Berkshire] “I'm not going to run the company as a non-executive chairman. My job is to [future CEO Greg Abel] In every way possible.”
Berkshire investors got a glimpse into the company's future earlier this month.
The company's annual shareholder meeting marked the beginning of a new era for the Oracle of Omaha, the first to be held without his right-hand man, Charlie Munger, who passed away on November 28, 2023, just shy of his 100th birthday.
Buffett called Munger “the architect of Berkshire” and asked shareholders to “join me in celebrating Charlie,” drawing cheers and a standing ovation at the packed auditorium, which also included Apple (AAPL) CEO Tim Cook, Citigroup (C) CEO Jane Fraser and Microsoft (MSFT) co-founder Bill Gates.
“I can't imagine that Charlie misled me in my conversations with him in terms of being a partner,” Buffett later said.
Choosing a succession is no easy task for any company, and longtime Cisco CEO John Chambers recently spoke about how he laid the foundation for future leaders in a recent Opening Bid podcast. Listen below:
Brian Sozzi Editor-in-Chief of Yahoo Finance. Also,Starting Bid'Podcast. Follow Sozzi on Twitter/X Brian Sozzi and LinkedInHave a tip on a deal, merger, activist situation, etc.? Email brian.sozzi@yahoofinance.com. Are you a CEO and would like to appear on Yahoo Finance Live? Email Brian Sozzi.
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