NATION

Alex Manoogian, an Armenian grain merchant’s son who became one of America’s richest men largely through his company’s development of single-handle Delta water faucets, has stepped down as chairman of Detroit-based Masco Corp.

Manoogian, 84, will remain on the company’s board with the title of chairman emeritus and be succeeded as chairman by his 49-year-old son Richard, who had previously served as president and chief executive.

Forbes magazine has listed Manoogian as one of the nation’s 400 richest men, with estimated family holdings of Masco stock last year valued at $160 million.