Buffett steps down as Berkshire chairman, Howard to take over

According to CNBC, 96-year-old legendary investor Warren Buffett announced in a letter to shareholders on Friday that he will step down as chairman of Berkshire Hathaway (BRK.A.US, BRK.B.US). The company also issued a statement saying Buffett will become honorary chairman effective immediately, while remaining a board member. According to the long-term succession plan, his son Howard Buffett will succeed him as chairman, and Susan Decker will continue as lead independent director. This decision comes about nine months after Greg Abel took over as CEO, with Buffett retaining the chairman position. In the company statement, Abel said: “The culture Warren has built and the values he has championed will always be at the core of Berkshire, and Howard will serve as the steward of those values.”