Warren Buffett steps down as Berkshire Hathaway chairman: Here's who will take over and what all will change

Warren Buffett, the legendary investor, is stepping down as chairman of Berkshire Hathaway after more than five decades in the role, according to the company's announcement. The 96-year-old Buffett will become chairman emeritus, beginning his new position immediately. His son, Howard Buffett, will assume the title of chairman at the company.

Howard Buffett has been a board member since 1993. Warren Buffett will continue to serve as a director. The announcement was made as Buffett expressed gratitude for the opportunity to see Berkshire reach a point where he is more confident about the future. Last year, Buffett announced his retirement as CEO of the organization, which was succeeded by Greg Abel.

Susan Decker will retain her position as the principal independent director. Berkshire Hathaway stated that Buffett's impact on the company and its owners is unparalleled, and Howard Buffett will serve as a guardian of the company's culture and values. As Chairman Emeritus, Buffett will remain a board member and continue to offer his insights and judgment.