Warren Buffett has named his preferred successor at the helm of US investment and (re)insurance giant Berkshire Hathaway, but the man tapped to inherit the billionaire’s vast empire will not serve as its next chief executive.

Mr Buffett’s eldest son Howard, a farmer, conservationist and author, has been announced as Mr Buffet’s successor at Berkshire Hathaway, but he won’t inherit his father’s title. Instead, he will serve as a “guardian” of the company’s values, Mr Buffett Snr told US news network ABC.

Mr Buffett Snr says that after he dies Howard will be appointed as non-executive chairman. He will have no say on strategy and will continue to run his corn and soybean farm.

Mr Buffett Jnr is already a director of Berkshire Hathaway, President of Buffett Farms and has been a director of The Coca-Cola Company since December 2010.

“You worry that somebody will be in charge of Berkshire that uses it as their own sandbox in some way,” Mr Buffett said.

“That changes the way that decisions are made in reference to the shareholders. The odds of that happening are very, very, very low, but having Howie there adds just one extra layer of protection.”