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

Buffett, 96, will become chairman emeritus and will take on his new role immediately, the company said Friday. His son, Howard, will become Berkshire Hathaway’s new chairman. Howard Buffett has been on the Berkshire Hathaway board 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.

“I have served Berkshire since 1965,” Buffett said in a letter to shareholders. “Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next.”

Buffett said that he is confident with Abel and his son Howard leading Berkshire Hathaway.

“Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet,” he said. “Think of Howard as a policy the shareholders own and hope never to claim against.”

Buffett’s fortune has been amassed through Berkshire Hathaway stock. It was worth more than $140 billion in July 2026.

He has already given away roughly $66 billion worth of stock since 2006.

Michelle Chapman, The Associated Press