Howard Buffett takes over as Berkshire chairman after his father steps down

UPDATE - follow-up to Warren Buffett steps down as Berkshire chairman, son Howard succeeds - reuters.com: Warren Buffett has officially stepped down as the chairman of Berkshire Hathaway after leading the company for six decades. His son, Howard Buffett, has taken over the role as the new chairman. Following the leadership transition, Howard Buffett stated that he knows his life has just officially changed. The change in leadership prompted reactions from media and markets alike, with the BBC noting the milestone by stating that 'Father Time always wins'. Additionally, financial markets reacted as Wall Street bounced back amid the news of the transition.