Warren Buffett to step down as Berkshire Hathaway Chairman, announces successor

Billionaire Warren Buffett is stepping down as Chairman of Berkshire Hathaway, one of the world's most valuable companies. The 96-year-old legendary investor will now become the Chairman Emeritus of the trillion-dollar firm, which he has led since 1965. Buffett's son Howard will replace him as Chairman, as dictated by a long-standing succession plan, Berkshire said.