Warren Buffett steps down as chairman of Berkshire Hathaway, the $1.1 trillion conglomerate he led for 60 years. The 96-year-old investor will remain on the board as chair emeritus, with his son Howard Buffett named as successor.
Buffett, who has been with Berkshire since 1965, will remain a director and continue to offer his judgment. Howard, 71, has been a Berkshire director for 33 years and will guard the company's culture and values.
Berkshire's transition follows a long-planned succession, with Greg Abel as CEO and Howard as chairman. The company's $1 trillion value makes it the only major financial firm outside the tech sector.
Buffett's legacy includes transforming Berkshire from a textile company into a global holding firm, and shaping investment philosophy that influences generations of executives and investors.