Warren Buffett, 96, stepped down as chairman of Berkshire Hathaway on Sept. 18 and became chairman emeritus while remaining on the board. His son Howard Buffett, a Berkshire director since 1993, was elected nonexecutive chair, responsible for protecting the company’s culture and values rather than directing investments or daily operations. Greg Abel, who became CEO at the beginning of the year, continues to run the company. Warren Buffett said the transition reflected a succession plan developed over years, describing Abel as the operating leader and Howard as a safeguard for Berkshire’s principles. The change contrasts with Howard’s 2011 prediction that his father would remain at Berkshire until his death, reflecting Warren Buffett’s long-standing attachment to the company and work.