Warren Buffett announced he is stepping down as chairman of Berkshire Hathaway effective immediately, transitioning to the role of chairman emeritus while remaining on the board of directors. Under the company's established succession plan, his son Howard Buffett will assume the chairman position, with Susan Decker continuing as lead independent director. The leadership change comes nine months after Greg Abel took over as chief executive officer. Abel stated that the culture and values Buffett built will remain central to Berkshire Hathaway, with Howard Buffett serving as guardian of those principles. The 96-year-old investor communicated the decision in a letter to shareholders on Friday.