Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) said Friday that Warren Buffett has stepped down as chairman and will become chairman emeritus, effective immediately, marking another major step in the succession of the legendary investor.

Buffett, 95, will remain on Berkshire’s board of directors and continue to provide his judgment and perspective to the company.

The board elected Howard Buffett, Warren Buffett’s son and a Berkshire director since 1993, as chairman. Greg Abel will continue as CEO, while Susan Decker will remain lead independent director.

Berkshire said the move is consistent with its long-standing succession plan, with Abel describing Warren Buffett’s impact on the company and its owners as "without parallel in the history of American business."

This is a developing story; check back for updates.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock