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Buffett stepping down as Berkshire Hathaway chair

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Warren Buffett is stepping down as chair of Berkshire Hathaway, effective immediately.

Buffett, who will become chair emeritus, will be succeeded by his son, Howard Buffett, as chair.

“Father Time always wins,” Buffett wrote in a letter to shareholders. “He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”

Read more from CNBC.

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