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Warren Buffett stepped down as chairman of Berkshire Hathaway after six decades leading the company, becoming chairman emeritus immediately. His son Howard Buffett will succeed him as chairman, marking a historic transition for the global conglomerate. Buffett transformed Berkshire from a struggling textile mill, which he took control of in 1965, into one of the world's largest and most closely watched investment firms. His departure marks the end of an era in American business and investment history.