Warren Buffett steps down as Berkshire Hathaway chairman

Warren Buffett, 96, is stepping down as chairman of Berkshire Hathaway, becoming chairman emeritus. This transition follows the handover of the CEO role to Greg Abel, his longtime lieutenant, nine months ago. Howard Buffett, his son, will take over as chairman, marking a carefully planned succession. Buffett is credited with transforming Berkshire from a failing textile company into a $1.1 trillion conglomerate.