Howard Buffett, the farmer who will guard his father’s business empire

Warren Buffett, the renowned investor, announced 15 years ago that his son Howard would eventually take on the role of "guardian" to his father's conglomerate, Berkshire Hathaway. The transition was completed last Friday when Buffett, 96, handed over the chairmanship to Howard. As the nonexecutive chairman, Howard Buffett, 71, will ensure the preservation of the values and culture instilled by his father in the company's diverse portfolio, which includes industries like insurance, railroads, and clothing.

Investment management will be led by Greg Abel, who has been with the company for over 25 years and became CEO in January. In a letter to shareholders, Buffett praised Abel's performance and explained that Howard would be responsible for safeguarding the company's culture and values, which he considers more valuable than the assets on Berkshire Hathaway's balance sheet.

Although Howard Buffett, a familiar face at Berkshire Hathaway, had a varied career before the transition, including serving as sheriff, sitting on various boards, and being a philanthropist and documentary film producer, his path diverged from his father's due to dropping out of three universities. However, his father never worried about this choice, viewing it as Howard finding his own path.

Warren Buffett was stricter when it came to requiring Howard to pay rent for the family farms he later bought from his son, emphasizing that giving him the farm would not have been the right way to raise him. The appointment of Howard Buffett as chairman was met with mixed reactions from analysts, with some viewing him as a safeguard for the business' vast investment portfolio and others questioning his experience in day-to-day operations.

However, Warren Buffett remains confident in his son's ability to lead the company, emphasizing his knowledge of the values that drive Berkshire Hathaway.