Warren Buffett steps down as Berkshire Hathaway chairman

OMAHA, Neb. -- Warren Buffett is stepping down as chairman of Berkshire Hathaway after serving in the role for more than 50 years.

The company said Friday that the 96 year-old Buffett will become chairman emeritus and will take on his new role immediately. His son, Howard, will become Berkshire Hathaway’s new chairman. Howard Buffett has served as a Berkshire Hathaway board member since 1993.

Warren Buffett will remain a director. He had served as Berkshire Hathaway’s chairman since 1970.

Buffett stepped down as CEO of the company late last year. He was succeeded by Greg Abel.