Warren Buffett Names Son as Berkshire Value 'Guardian'
12/09/11 - 02:04 PM EST
NEW YORK (TheStreet
) - Warren Buffett
said that he would like his farmer son Howard Buffett to act as an unpaid, non-executive "guardian" of Berkshire Hathaway (BRK.A)
after he dies, according to a release of an interview that the legendary investor conducted with CBS News's
"60 Minutes" that will be shown
in its entirety this 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. Currently, Berkshire has a market cap near $200 billion and earned nearly $13 billion in 2010 profits.
| Warren Buffett
In the interview, the younger Buffett signaled that he would be open to taking Berkshire's reins from his father in the future, so long as he could continue to run his 400-acre Nebraska -based farm, called Buffett Farms.
Howard Buffett does have significant corporate experience at Berkshire and elsewhere. He presently serves on Berkshire's board, a post he's held since 1993, and is also a board member of Coca Cola (KO)
, The Lindsay Corporation (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.
See Berkshire's largest 30 holdings
Berkshire shares were little changed on the news of the interview at $116,456 a share. The Omaha, Ne., -based investment company's shares have fallen over 3% year-to-date, underperforming the S&P 500 Index
-- Written by Antoine Gara in New York