Howie Buffett Named Warren Buffett's Successor - 'Because He's My Son' Says Legendary Investor | All About Him

Berkshire Hathaway's Co-Founder, Chairman and CEO,  Warren Buffet has named his successor. The 94 year-old billionaire, is one of the world's biggest investors and he has named his middle child Howard, also known as Howie Buffet to a non-executive role in the firm.

Howard Buffet, who is 70 years old has become Warren Buffet's chosen heir.

But Why Was Howard Chosen?

Warren Buffet in an interview with The Wall Street Journal said that almost all of his remaining wealth will be directed to a new charitable trust.

He has also been planning his handover for decades, reportedly. Howard is set to take over as non-executive chairman of the $1 trillion worth Berkshire Hathaway from Buffet, the report said.

Susie and Peter, his other two children will not be inheriting most of their father's fortune. The new charitable trust will be managed by Warren Buffet's three children and the trio shall manage his $140 billion Berkshire stocks assigned to philanthropic purposes.

Buffet has been upfront regarding his choice of heir, as per the report and says, "He is getting it because he's my son. I'm very, very, very lucky in the fact that I trust all three of my children," Buffet told WSJ.

Howard Buffet - All About Him

Howard Buffet has had a history of having serve don corporate boards and he runs a charitable foundation. Additionally, the report states that he had been a sheriff, a member of the Nebraska ethanol board and a farmer.

Commenting on the future of the company he said, "The culture is to keep things simple, to do what you need to do but don’t do a lot of things you don’t need to do, treat people fairly, respect your managers, respect your shareholders. Tell them the bad news upfront, be honest. It’s not rocket science.”

The 70-year old heir of the billionaire also reportedly had trouble in college and moved to Los Angeles at his father's behest to work at a candy company.

Howard also has a son with his first wife Devon Morse and had four step daughters when he was married to her.