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Warren Buffett has announced that he will step down as the chairman of Berkshire Hathaway, the conglomerate he has led for over 50 years. He will be replaced by his son Howard Graham Buffett, who is currently a director and a member of the company's board of directors. This change is effective immediately, although Buffett will remain an executive chairman. Buffett, 92, has been leading Berkshire Hathaway since 1970, transforming it into one of the world's largest and most successful conglomerates. He has been instrumental in building the company's diversified portfolio of businesses, including GEICO, BNSF, and Coca-Cola. Howard Buffett, 69, has been involved with Berkshire Hathaway for over 30 years and has served on the board since 1996. He has also been involved in various other business ventures and has worked as a lawyer and a farmer. The transition is seen as a natural progression, as Buffett has been gradually transitioning responsibilities to his son over the past few years.