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Buffett, 96, will become chair emeritus and remain director as his son, Howard, will step in as company’s new chair

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

The 96-year-old will become chair emeritus and will take on his new role immediately, the company said Friday. Buffett’s son, Howard, will become Berkshire Hathaway’s new chair, part of a long-planned succession. Howard Buffett has been on the Berkshire Hathaway board since 1993.