Today, billionaire philanthropist Buffett, 94, named additional overseers to his charitable trust in order to further solidify his plan to donate his $149.7 billion fortune.
In a statement today, Buffett selected three potential successors in addition to his daughter Susie, 71, and sons Howard, 69, and Peter, 66. The successors, who remain anonymous, would take over responsibility only if his children “cannot serve.” He said the trustees are all familiar with his family and significantly younger than his children. “But these successors are on the waitlist. I hope Susie, Howie, and Peter themselves disburse all of my assets,” he said.
Buffett, Berkshire Hathaway’s CEO and Chair, is known for being a pioneer in philanthropy. “I’ve never wished to create a dynasty or pursue any plan that extended beyond the children,” Buffett wrote today. “I know the three well and trust them completely. Future generations are another matter. Who can foresee the priorities, intelligence, and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape?”
Buffet stated that he has converted 1,600 of his Class A shares into 2,400,000 Class B shares to donate. The Susan Thompson Buffett Foundation received 1,500,000 shares, while The Sherwood Foundation, The Howard G. Buffett Foundation, and NoVo Foundation each received 300,000.
Since 2006 Buffet has donated 56.6% of his Berkshire stock, worth $58 billion, to charity.
By CEO NA Editorial Staff
