Warren Buffett Steps Down as Berkshire Chairman and Names Son to Replace Him

Warren E. Buffett, who built one of the most successful investment firms in history and became a sage of American capitalism, is stepping down as chairman of Berkshire Hathaway, the company said on Friday.

Mr. Buffett, who turned 96 on Aug. 30, will remain on Berkshire's board as chairman emeritus, effective immediately. His older son, Howard G. Buffett, will become chairman under the company's succession plan.