Think family business means a gold-plated throne? Nope. Howard Buffett will earn exactly zero dollars as chairman. That’s right—the guy who will oversee a $700 billion empire works for free. He does it because he loves his dad and believes in Berkshire’s weird, old-fashioned culture.
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Another wild fact: Warren originally wanted his wife, Susie, to be the chairman. But she passed away in 2004. So he turned to Howard, who had spent decades working in the shadows doing chores for Berkshire—like managing the family’s philanthropy. It’s like hiring your kid to clean the garage for 30 years, then handing him the keys to the entire garage complex.
Warren also picked Howard because he’s a “buffer”—a guy who can absorb blame and deflect credit. In his own words, a chairman should be “someone who is not evaluating the CEO’s performance based on the stock price.” Howard literally doesn’t care about the stock price. He cares about whether the company still treats its workers decently.
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The Farmer Who Could Fire a CEO
Let me paint you a picture of Howard G. Buffett. He’s a 70-year-old guy who spends his time flying to war-torn countries to photograph starving children and plant crops. He’s written books about soil conservation. This man is about as far from a Wall Street shark as you can get. He’s a shark who eats plankton.
But here’s the punchline: Warren trusts him precisely because he’s not a killer. In a world of corporate sharks, the best person to protect your legacy is a gentle, stubborn farmer. Warren once said, “The most important thing is to have a chairman who will not be a prima donna.” Howard is the anti-prima-donna.
If you asked Howard what he’d do as chairman, he’d probably say, “Keep the coffee pot filled and don’t mess things up.” That’s it. No empire-building. No ego trips. Just a guy who wants to make sure his dad’s company doesn’t turn into a circus.
Why Warren Buffett's son, Howie Buffett, won't be CEO of Berkshire
