Warren Buffett steps down as Berkshire Hathaway chairman

Warren Buffett is stepping down as chairman of Berkshire Hathaway in the next step of the transition at the top of the $1 trillion conglomerate he led for more than six decades.

Buffett, 96, will become chairman emeritus and will take on his new role immediately, nine months after handing the CEO reins to longtime lieutenant Greg Abel, the company said Friday.

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