Warren Buffett, 96, has stepped down as chairman of Berkshire Hathaway effective immediately after more than 60 years leading the $1.03 trillion investment conglomerate. His son Howard, 71, succeeds him in the role, continuing a family succession after Buffett stepped down as chief executive officer eight months earlier. This marks a significant leadership transition for one of the world's most influential investors, whose market moves have long shaped Wall Street behaviour.

Buffett, who has led Berkshire since 1965, transitions to the honorary role of chairman emeritus and will remain on the board in an advisory capacity. Chief Executive Greg Abel, whom Buffett praised as exceeding expectations, continues to handle day-to-day operations. Howard has served as a Berkshire director since 1993. Buffett built the conglomerate to own dozens of major companies including Geico insurance, Duracell batteries, and Dairy Queen, whilst dramatically outperforming the S&P 500 index. Buffett indicated his retirement was partly driven by his age and desire to spend time with family, noting he recently celebrated his 96th birthday with great-grandchildren.