Warren Buffett is stepping down as chair of Berkshire Hathaway after more than 50 years in the role. The 96-year-old will immediately assume the position of chair emeritus, the company announced on Friday.
His son, Howard Buffett, will become Berkshire Hathaway's new chair. This move is part of a succession plan, and Howard Buffett has served on the company's board since 1993. Warren Buffett will also continue to serve as a director.
Greg Abel took over as CEO of the $1tn conglomerate earlier this year. Warren Buffett expressed confidence in both Abel and his son, stating, "Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet."