Warren Buffett just took a big risk with the $1.5 trillion giant he built

September 23, 2026 — 11:59am

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Last week, Berkshire Hathaway announced that Warren Buffett’s son, Howard, would replace him as chairman of the sprawling conglomerate. There was no outcry.

At face value, Howard, 71, has no obvious qualifications to be appointed chairman of a venerated $US1.08 trillion ($1.5 trillion) company, other than that he is the founder’s son.

Howard is a farmer, on properties whose purchase was funded by his father. He is a philanthropist, deploying funds provided by his father. He’s not a college graduate and has little experience, if any, in operational management or asset management.

He has been on the boards of a number of major public companies – including Coca-Cola and Conagra – but it is a reasonable question to pose whether he would have been appointed had Warren not been his father.

Warren Buffett, 96, steps down as Berkshire Hathaway chairman

Yet, there was no outcry in response to what would appear to be a clear case of nepotism. Even the proxy advisers, guardians of good corporate governance, seem to have fallen into line.

That may be because Warren’s succession plan has been a long time in the making, having been flagged at least as far back as 2000, when Warren told the Wall Street Journal that Howard would eventually succeed him as chairman, citing his business acumen and Warren’s desire to maintain Berkshire’s culture. It didn’t come as a surprise.

It might also, of course, because it is Warren’s plan and Berkshire shareholders, and the market-at-large, trust his judgement when it comes to the company that has always been built around Warren’s personal convictions and........

© Brisbane Times