00:00Warren Buffett is stepping down as chairman of Berkshire Hathaway after more than five decades in the role, closing another
00:06chapter in his extraordinary career.
00:08The 96-year-old investor will remain on the board as chairman emeritus while his son, Howard Buffett, succeeds him
00:14as chairman.
00:15Buffett credited CEO Greg Abel with exceeding his expectations and pointed to his own age as a factor in his
00:22decision.
00:22The billionaire, whose fortune stands at about $145 billion, has pledged to leave more than 99 percent of his wealth
00:30to charity.
00:31The leadership change marks a historic transition for one of America's most closely watched companies.
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