Being a 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 dad is no longer chairman.
And he knows that will change his life, which has long consisted of frequent world travel for philanthropic ventures alongside a daily routine of being a farmer who tills his own land.
“I’ve been to 155 countries or something. And I’m on the road a lot. I’ve been in Ukraine five times in 2022. And the same thing five times in 2023 and probably four or five times this year. So those are trips I won’t make,” Buffett told me on Yahoo Finance’s Opening Bid podcast (video above).
The board is widely expected to vote Buffett — who has been on the board since 1993 — in as non-executive chairman.
Buffett, 69, is seen as the “guardian” of the unique Berkshire culture that his father and longtime lieutenant Charlie Munger created over the decades. The business itself is a beast, requiring expert planning and oversight by the Berkshire board.
The business varies from operating one of the nation’s most important railroads in Burlington Northern to supporting the housing market via 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 dad’s favorite drink and legacy stock investment Coca-Cola (KO). (He retired from the Coke board in 2016 after 17 years.)
Buffett is also the chairman and CEO of the Howard G. Buffett Foundation, which was founded in 1999.
A good chunk of the foundation’s work in recent years has been targeted at war-torn Ukraine. Buffett told me the nonprofit is on track to donate $800 million to the country this year and is eyeing another $250 million for 2025.
“I will need to keep in mind that I just need to be around to do my job [at Berkshire] and my responsibility. So I think the risk level of what I do in my life today probably gets decreased,” said Buffett. “I won’t be running the company as a non-executive chairman. My job will be to support [future CEO Greg Abel] in every way that I can.”
Berkshire investors got a look into its future earlier this month.
Its annual shareholder meeting marked a new era for the Oracle of Omaha. It was his first without his right-hand man, Charlie Munger, who passed away on Nov. 28, 2023, just shy of his 100th birthday.
Buffett described Munger as the “architect of Berkshire,” and his request to shareholders to “join me in applauding Charlie” was met with cheers and a standing ovation. The packed house included Apple (AAPL) CEO Tim Cook, Citigroup (C) CEO Jane Fraser, and Microsoft (MSFT) co-founder Bill Gates.
“In terms of having a partner, I simply cannot think of a conversation I had with Charlie that he misled me,” Buffett later said.
Succession isn’t an easy thing to pull off at any company. Former longtime Cisco CEO John Chambers weighed in on how he laid the groundwork for future leaders on a recent episode of the Opening Bid podcast. Listen in below.
Brian Sozzi is Yahoo Finance’s Executive Editor. He is also the host of the ‘Opening Bid‘ podcast. Follow Sozzi on Twitter/X @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com. Are you a CEO and want to come on Yahoo Finance Live? Email Brian Sozzi.
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