Warren Buffett Steps Down as Berkshire Hathaway Chairman

Warren Buffett has stepped down as chairman of Berkshire Hathaway, concluding a tenure that spanned over five decades. His son, Howard Buffett, will assume the role of chairman.

Buffett, 93, has guided the Omaha, Nebraska-based conglomerate through numerous economic cycles since he began building the company in the 1960s. He remains the company's CEO, a position he has also held for an extended period.

Howard Buffett, 69, has served on Berkshire Hathaway's board of directors since 1993. His new role as chairman follows his father's long period of leadership.