Warren Buffett names Howard 'Howie' Buffett as his successor at Berkshire Hathaway

Berkshire Hathaway's co-founder, Chairman, and CEO, Warren Buffett, 94, has named his middle child Howard, known to many as "Howie," to succeed him as the non-executive chairman, according to a report by the Wall Street Journal.

The $1 trillion conglomerate, built under Buffett's careful stewardship, will soon be guided by the 70-year-old, who has served on its board and spent a lifetime learning from his father's investment philosophy.

According to the report, Warren Buffett took time deciding on a successor who would manage his vast corporate asset group in a manner similar to his own.

In an interview with the WSJ, Buffett stated he was "very upfront" about choosing Howie. "He is getting it because he's my son," he told the WSJ, adding, "I'm very, very, very lucky in the fact that I trust all three of my children."

Though the news might be surprising to some, Howie has been well-prepared for this role for years.

As a child, he listened on his father's phone conversations and asked endless questions about what he did not understand. Later, as a director on Berkshire's board, he had a front-row seat to witness how Warren Buffett transformed Berkshire into one of the largest companies in the United States.

In 2013, Warren Buffett made Howie the non-executive chairman of Berkshire Hathaway, signposting the eventual transfer of leadership. Now, with his father officially passing the baton, Howie will step fully into the role.