Warren Buffett's successor? His son (kind of)

Warren Buffett's successor? His son (kind of)
In an upcoming segment on CBS' "60 Minutes", Berkshire Hathaway chairman Warren Buffett noted that he would like his son Howard -- a farmer -- to take over the company after he dies.
JAN 03, 2012
In an upcoming segment on CBS' "60 Minutes", Berkshire Hathaway chairman Warren Buffett noted that he would like his son Howard -- a farmer -- to take over the company after he dies. The revelation, which was released here today by CBS, notes that Mr. Buffett (senior) would like his son to take over the company to essentially preserve its culture, values and tradition. At the same time, he noted that his son would most likely take over as Berkshire's non-executive chairman and also won't receive a paid salary. Howard, for his part, noted that he was surprised by his father's succession plan. In the non-exeutive chairman role, which Berkshire's board would have to approve, Howard would not have any day-to-day decision-making power. "Absolutely not and I shouldn't," Howard Buffett told Leslie Stahl in the CBS interview, set to air Sunday night. "As long as I can keep farming, (LAUGH) I'm okay," Howard Buffett added. So with no salary and no day-to-day decision-making authority, Warren Buffett didn't exactly reveal a shocking succession plan that will rock the investing world. Warren Buffett, 81, now has portfolio managers Todd Combs and Ted Weschler in line as his investment successors, but has indicated that he may tap a third - and currently unknown - individual to handle Berkshire's investment portfolio. Watch the excerpt from 60 Minutes:

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