Howard replaces his father, Warren Buffett, as Berkshire Hathaway chairman

Warren Buffett is stepping down as chairman of Berkshire Hathaway after serving in the role at the conglomerate for more than 50 years.

Buffett, 96, will become chairman emeritus and will take on his new role immediately, the company said on Friday. His 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 has served as Berkshire Hathaway’s chairman since 1970.

Greg Abel took over for Buffett as the CEO of the US$1 trillion conglomerate to start the year, but Buffett remains one of the most influential investors in the world.