­Bangalore: America’s second richest man Warren Buffett announced that his son Howard Buffett will succeed as chairman of Berkshire Hathaway. In an interview with CBS News program 60 Minutes, the billionaire investor said Howard is a farmer without a college degree, which makes him an excellent successor. Buffett, during the interview, asked Howard to understand the company value.

Howard Graham Buffett was born on December 16, 1954. He is named after two important role models in his father’s life, Warren’s father Howard, a U.S. congressman and Warren’s mentor, Benjamin Graham, the stock investing pioneer. Howard has tried to live up to these remarkable men. He has served on many corporate boards, including Conagra Foods, Archer Daniels Midland and Coca-Cola Enterprises.

He grew up in Omaha, Nebraska, and has been active in business, politics, agriculture, conservation, photography and philanthropy. In August 1977, he married Marcia Sue Duncan. In 1977, he began farming in Tekamah, Nebraska. His father purchased the property for $300,000 and charged him rent. He currently farms 400 acres of farmland in Nebraska.