Warren Buffett exits as Berkshire chair, son to take over

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 his son, Howard, will become Berkshire's new chairman.Buffett, known as the Oracle of Omaha, will remain a director. He had been Berkshire Hathaway's chairman since 1970. Buffett transformed the Omaha, Nebraska-based company, once a textile mill he took control in 1965, and built one of the most successful investment firms.