Buffett says son could become Berkshire guardian
The billionaire investor tells '60 Minutes' his farmer son may one day oversee operations.
By Antoine Gara
Warren Buffett says he would like his farmer son Howard Buffett to act as an unpaid nonexecutive guardian of Berkshire Hathaway (BRK.A) after Buffett dies, according to a release of an interview that the legendary investor conducted with CBS News' "60 Minutes" that was to be shown in its entirety Sunday.
Howard Buffett, who is a corn and soybean farmer and does not hold a college degree, is the right choice to oversee Berkshire Hathaway because he understands the value of companies, his father said. Currently, Berkshire has a market cap near $200 billion and earned nearly $13 billion in 2010 profits.
In the interview, the younger Buffett signaled that he would be open to taking Berkshire's reins from his father in the future, as long as he could continue to run his 400-acre Nebraska farm, called Buffett Farms.
Howard Buffett has significant corporate experience at Berkshire and elsewhere. He serves on Berkshire's board, a post he's held since 1993, and is a board member of Coca Cola (KO), The Lindsay Corp. (LNN) and Sloan Implement.
Previously, he's served on the boards of ConAgra Foods (CAF) and Archer Daniels Midland (ADM), giving him experience in many of the utilities and retail businesses that Berkshire owns and invests in.
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