Nebraska, Sept. 18 -- Berkshire Hathaway has named Warren E Buffett as Chairman Emeritus with immediate effect, while his son Howard G Buffett has been elected Chairman of the Board as part of the company's long-planned leadership transition.

Warren Buffett will, however, continue to remain a member of Berkshire Hathaway's Board of Directors and will continue to offer his judgment and perspective to the company, Berkshire said in a statement.

The Chairman Emeritus position is an honorary role given to a former chairman in recognition of his long association and contribution to a company. In Buffett's case, it does not mean that he will continue as Berkshire's Chairman. Howard Buffett is now the Chairman of the Board, while Warren Buffet...