Factbox-Who is Howard Buffett, Berkshire Hathaway’s new chairman?

Howard Buffett, the 71-year-old son of Berkshire Hathaway's legendary investor Warren Buffett, has been appointed as the new chairman of the $1.1 trillion conglomerate. Warren Buffett, now 96, will assume the role of chairman emeritus, completing a significant and closely watched transition within corporate America, nine months after appointing Greg Abel as CEO.

Howard, known as Howie, has been a Berkshire director for 33 years, surpassing Warren's personal tenure before taking the reins. The appointment aligns with the conglomerate's established succession plan, with Howard's primary responsibility being to uphold Berkshire's culture. He is not expected to hold a management role as chairman.

Howard's definition of Berkshire's culture revolves around simplicity, focusing on doing necessary tasks without unnecessary actions, treating people fairly, respecting managers and shareholders, and maintaining open communication about challenges. Throughout his life, Howard has been involved in various fields, including farming, photography, conservation, and business. He has held positions on multiple boards, including those of Archer-Daniels Midland, Conagra Foods, Coca-Cola Company, and Lindsay Corporation.

In addition to his corporate work, Howard is a dedicated conservationist, photographer, and author, having penned over a dozen books on conservation, wildlife, and the human condition. He has received recognition from several governments, including Colombia, El Salvador, Mexico, Rwanda, and Ukraine, for his charitable efforts. His foundation focuses on addressing global hunger, combating human trafficking, and mitigating conflicts, with recent funding dedicated to Ukraine during its war with Russia.