(CBS News)Berkshire Hathaway’s founder Warren Buffett says his son Howard, a farmer with no college degree, would make a good successor because he would serve as a guardian of the company’s traditions and practices. Howard also understands the “values” of his company says Buffett. He wants his son to become “non-executive chairman” after he dies, an unpaid position in which Howard would not direct the strategy of the multibillion dollar investment firm.
Howard Buffett says he’s just fine with that role, as long as he can keep growing corn and soybeans. Lesley Stahl reports this odd-couple tale of a father and son who could not be more different on “60 Minutes” Sunday, Dec. 11 at 7 p.m. ET/PT.
The elder Buffett built Berkshire Hathaway through shrewd investments in companies whose success has propelled the holding firm to legendary status in the investment world. Shares in Berkshire Hathaway trade at over $100,000 apiece; Buffett wants it to stay a conservative, value-based company. “You worry that somebody will be in charge of Berkshire that uses it as their own sandbox in some way. That changes the way that decisions are made in reference to the shareholders,” Buffett tells Stahl. “The odds of that happening are very, very, very low, but having Howie there adds just one extra layer of protection,” says Buffett.