Warren Buffett, 96, has stepped down as Berkshire Hathaway chairman and become chairman emeritus, completing the company’s succession process after more than six decades at the conglomerate. The changes took effect immediately on September 18. Buffett remains a director and will advise on major company decisions. His son Howard Buffett, 71, is the new board chairman, while Greg Abel continues as chief executive and is responsible for running the company, corporate strategy and capital decisions. Berkshire said its culture and values will remain central, with Howard Buffett focused on preserving them rather than managing day-to-day operations. Buffett took control of Berkshire, then a struggling textile maker, in 1965 and built it into a conglomerate with a market value of more than $1 trillion. His patient value-investing approach, shareholder letters and annual meetings made him one of the world’s best-known investors. Howard Buffett has been a Berkshire director since 1993 and is chairman and CEO of the Howard G. Buffett Foundation. Susan Decker remains lead independent director. Berkshire held $364.7 billion in cash as of June 30, giving Abel flexibility over acquisitions, investments, buybacks and a possible dividend. Warren Buffett still controls more than 13% of Berkshire’s stock and about 30% of its voting power, although those holdings are expected to decline as shares are distributed to foundations overseen by his children.