Warren Buffett steps down as Berkshire chairman

Warren Buffett stepped down as chairman of Berkshire Hathaway Inc, handing the role to his son Howard Buffett after six decades at the helm. The 96-year-old billionaire transitioned to chairman emeritus, while his 71-year-old son assumed the non-executive chairmanship on Friday afternoon. The leadership shift follows Buffett's departure from the chief executive role nine months prior, which placed longtime executive Greg Abel in charge of the $1.1 trillion conglomerate.