Warren Buffett steps down as Berkshire Hathaway chair. His son will replace him.

The final change of the guard at the storied Berkshire Hathaway (BRK-B).Berkshire Hathaway said Friday that Warren Buffett, 96, will step down as chairman effective immediately. He will move to the chairman emeritus role. In his place as chair will be his son Howard G. Buffett, as has been telegraphed would happen for years.Board life will now look much different for Howard, who has a striking resemblance to his legendary investor dad. And Howard Buffett knows the transition will change his life