The Globe and Mail reports in its Saturday edition that Warren Buffett is stepping down as chairman of Berkshire Hathaway in the next step of the transition at the top of the $1-trillion (U.S.) conglomerate he led for more than six decades. An Associated Press dispatch to The Globe says Mr. Buffett, 96, becomes chairman emeritus effective immediately. His oldest son, Howard, will become Berkshire Hathaway's new chairman, part of a long-planned succession. Howard Buffett has been on the Berkshire Hathaway board since 1993. Warren Buffett will remain a director. He had been Berkshire Hathaway's chairman since 1970. Greg Abel took over for Mr. Buffett as chief executive officer at the start of this year, though Mr. Buffett continued to come into the office each day to look for new investments and deals and offer Mr. Abel any advice. It's not clear whether Mr. Buffett will change his routine at all now. Investor Adam Mead, who wrote The Complete Financial History of Berkshire Hathaway, said Mr. Buffett seems to be trying to lessen the impact on Berkshire when he eventually dies by taking this step now. Mr. Abel started managing all of Berkshire's non-insurance businesses in 2018 when he was elevated to vice-chairman.