Warren Buffett will step down as chairman of Berkshire Hathaway, effective immediately, the conglomerate announced Friday. He will remain a member of the board of directors, and his son Howard Buffett will take over as chairman. Buffett, 96, had announced plans last year to retire from leading the business group. Under his leadership, Berkshire Hathaway grew into a conglomerate worth over $1 trillion, owning businesses such as Duracell and Geico.
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