The Wall St Journal reports that Howard Buffett, the son of Warren Buffett, says his dad isn’t surrendering his post atop Berkshire Hathaway “until he’s buried in the ground.” That morbid assessment is included in a profile of the younger Buffett airing on CBS’s “60 Minutes” this Sunday. And though Howard Buffett’s sounds pretty definitive, it does run contrary to Buffett the Elders’ own assertion that he wouldn’t even surrender the reigns to the company when he went to the Big Boardroom in the Sky. He has joked that he fully intends to continue running the Omaha conglomerate “by séance.”
Still, some Buffett-watchers such as Stifel Nicolaus analyst Meyer Shields recently wondered whether the 81-year-old Warren might hang up his investing spikes while he was still spry enough (and alive enough) to enjoy a Dairy Queen treat. Shields pointed to language in a September news release that said Warren Buffett would continue to manage most investments of his Berkshire Hathaway “until his retirement.”
Also in the “60 Minutes” piece, Warren Buffett repeats his assertion that Howard, a farmer and a Berkshire board member, will serve as a guardian of the company’s culture.
“You worry that somebody will be in charge of Berkshire that uses it as their own sandbox in some way,” Warren Buffett tells Leslie Stahl, according to advance excerpts provided by the show. “The odds of that happening are very, very, very low, but having Howard there adds just one extra layer of protection.”
Find out more at http://blogs.wsj.com/deals/2011/12/08/warren-buffett-wont-quit-until-hes-buried-in-the-ground-his-son-says/?mod=google_news_blog
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