Buffett Wants Son to Succeed Him at Berkshire

Omaha, NE, May 10, 2006---Warren Buffett, answering calls for a succession plan at his investment company Berkshire Hathaway, says his son, Howard, would be "a double-protector of the culture" as the company's future chairman, according to the Evening Standard. The newspaper reported that Buffett, speaking at the annual jamboree in Omaha, Nebraska, at which he announced a spending spree of up to $30 billion with Britain a prime target, said his son would preserve values at the company. "I won't be there. You will have 10 directors and I would hope they will make Howard the non-executive chairman," he said. But the legendary investor, the world's second-richest man, did not name his preferred chief executive for Berkshire. Buffett, known as The Sage of Omaha, said in his March letter to investors that the Berkshire board had picked a replacement chief executive from within the company. In Omaha at the weekend, he made clear that Howard was not that man but would "complement" the new chief. Buffett's son has played a very low-key role in the firm even though he has been on the board since 1993. By profession, he is a photographer and environmental activist who spends most of his time on an 840-acre farm in central Illinois or working with his foundation, which supports conservation, humanitarian and education initiatives. Buffett says the new chief will be drawn from executives within the group including General Re chief Joseph Brandon, David Sokol, chief executive of Berkshire's MidAmerican Energy Holdings, and Ajit Jain, head of Berkshire's reinsurance businesses. Shaw Industries is among Berkshire's wide array of holdings.

Related Topics:Shaw Industries Group, Inc.

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