Warren Buffett, the chairman of Berkshire Hathaway, has stepped down from his position at the investment firm effective immediately.
Buffett, 96, will remain on the board as chairman emeritus. His son, Howard Buffett, is replacing him, The New York Times reported.
Howard Buffett, 71, has been a Berkshire director since 1993, according to The Wall Street Journal.
“I feel I’m prepared for it because he prepared me,” Howard Buffett said. “That’s a lot of years of influence and a lot of years of teaching.”
The now-former chairman told shareholders, “Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted.”
He had already left the chief executive role last year, with Greg Abel taking over.
Warren Buffett grew Berkshire Hathaway from a struggling textile maker into a trillion-dollar business, controlling companies such as GEICO and the Burlington Northern Santa Fe railroad, and investing in giants such as Apple and Coca-Cola.
Buffett was nicknamed the “Oracle of Omaha” for his lucrative investments, which netted the company more than $360 billion.
“Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” Abel said in a statement to the Times. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.” Howard Buffett, 71, has been a director at Berkshire for more than 30 years.
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