Buffett steps down as Berkshire (BRK.A.US) chairman; his son Howard takes over to "guard" the culture, while Abel takes charge of operations.

Zhito Finance APP has learned that Berkshire Hathaway (BRK.A.US, BRK.B.US) announced on Friday that 96-year-old Warren Buffett will immediately step down as chairman and transition to chairman emeritus, with his son Howard G. Buffett succeeding him as chairman. With this, the most legendary investment group in American business history has completed its final round of power transition. Buffett's more than half-century tenure as chairman, which began in 1970, has come to an end, while the CEO role had previously been handed over to Greg Abel.