Warren Buffett leaves Berkshire’s chairmanship to Howard Buffett

Warren Buffett, 96, has stepped down as Berkshire Hathaway’s chairman, handing the board role to his son Howard while remaining a director and chairman emeritus. The change takes effect immediately and completes the separation of Buffett’s two former jobs: Greg Abel, his chosen successor, became chief executive at the start of the year. Howard, a Berkshire director since 1993, is not taking over day-to-day operations; he will lead the board that oversees Abel and help protect the decentralized culture Buffett built. It is the planned final stage of a succession process, but it also ends an era in which Buffett held both of Berkshire’s most important titles.