Warren Buffett names his middle child Howie Buffett as successor

Warren Buffett

Berkshire Hathaway's co-founder, Chairman and CEO, Warren Buffett, 94, has named his middle child Howard, aka Howie Buffett, 70, as his successor.

Howie will take over as non-executive chairman of the $1 trillion worth Berkshire Hathaway from Warren Buffett, according to a report by the Wall Street Journal.

According to the report, Buffett’s decision some took time because he was looking for a successor who would manage his £8.2 trillion corporate asset group in a manner close to his own stewardship.

Buffett was very upfront about naming Howie his heir, WSJ report stated. “He is getting it because he’s my son,” he told me. “I’m very, very, very lucky in the fact that I trust all three of my children,” he said in the interview.

In 2013, Warren Buffett made Howie the non-executive chairman of Berkshire Hathaway.

As a child, Howie listened to Warren Buffett’s side of telephone conversations, asking questions about things he didn’t understand fully. As an adult, he turned to his father for advice, the report added.

And as a director on Berkshire’s board, he’s had a front-row seat as his father built Berkshire into one of the largest companies in the USA.

"I feel I’m prepared for it because he prepared me. That’s a lot of years of influence and a lot of years of teaching," Howie told WSJ.