Warren Buffett steps down as chairman of Berkshire Hathaway, effective immediately. The 96-year-old will remain on the board as chair emeritus, with his son Howard named as the new chairman. Buffett has led the company since 1970.
Buffett announced his decision last year to retire from leading the business group. His son Howard has been on the Berkshire Hathaway board since 1993. Buffett will remain a director and will continue to oversee the company's culture and values.
The transition follows Buffett's departure as CEO of the company last year, with Greg Abel taking over as CEO. Buffett's decision to stop donating to the Bill Gates Foundation is a separate matter, though it has raised questions about his financial commitments.
Buffett, who has amassed a fortune through Berkshire Hathaway stock, has given away over $66 billion in stock since 2006. He remains confident in Howard and Abel's ability to lead the company forward.