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OMAHA, Neb.—Berkshire Hathaway Inc. Chairman Warren Buffett would like his son Howard to succeed him at the helm of Berkshire Hathaway as non-executive chairman, the elder Mr. Buffett told CBS' “60 Minutes” in an interview slated to run Sunday.
Warren Buffett said that his son—who is a farmer and a director of Berkshire Hathaway—understands the values of Omaha, Neb.-based Berkshire Hathaway. "You worry that somebody will be in charge of Berkshire that uses it as their own sandbox in some way,” Warren Buffett says in a clip of the interview posted at the CBS website.
"The odds of that happening are very, very, very low, but having Howie there adds just one extra layer of protection," he says.
The younger Mr. Buffett has served on several other corporate boards, including that of Coca-Cola Co., and is founder of the Howard G. Buffett Foundation, which provides assistance to rural communities in the developing world.
According to a written preview of the interview posted by CBS, Howard Buffett would not make day-to-day decisions at Berkshire Hathaway, should the board approve him as his father’s successor.
Several Berkshire executives, including Ajit Jain, president of Berkshire Hathaway Reinsurance Group, have been mentioned over the years as possible successors to the elder Mr. Buffett. Warren Buffet has given no indication that he intends to retire soon.