Warren Buffett Steps Down as Berkshire Hathaway Chair

Warren Buffett is giving up his biggest title at Berkshire Hathaway, but not the entire stage. In a letter to shareholders on Friday, the 96-year-old investor said he's stepping down as chairman of the $1 trillion conglomerate he's led for more than 50 years, while staying on the board and continuing to advise the company, reports the Wall Street Journal. The AP notes that Buffett will assume the title of chairman emeritus. His son Howard, 71, a director since 1993, takes over as chairman effective immediately.

Buffett called the role "the privilege of a lifetime" and gave a nod to his age—"Father Time always wins"—while insisting Berkshire is "in excellent hands," per the WSJ. CEO Greg Abel, who assumed that job earlier this year, praised Buffett's singular influence on the company and said Howard will safeguard the culture his father built. Buffett, who turned a fading textile firm into a sprawling collection of businesses and inspired an annual "Woodstock of Capitalists" in Omaha, told investors he plans to remain a fellow shareholder alongside them.