India, Sept. 18 -- Warren Buffett is stepping down as chairman of Berkshire Hathaway in the next step of the transition at the top of the USD 1 trillion conglomerate he led for more than six decades.

Buffett, 96, will become chairman emeritus and will take on his new role immediately, the company said Friday. His son, Howard, will become Berkshire Hathaway's new chairman, part of a long-planned succession. Howard Buffett has been on the Berkshire Hathaway board since 1993.

Warren Buffett, known by a legion of financial market followers as the Oracle of Omaha, will remain a director. He had been Berkshire Hathaway's chairman since 1970, but he took control of the struggling New England textile company in 1965.

Greg Abel took over for Bu...