OMAHA, Neb. – Warren Buffett is leaving his post as chairman of Berkshire Hathaway after more than five decades at the helm.

Berkshire Hathaway announced Friday that the 96-year-old investing legend will immediately assume the title of chairman emeritus. His son, Howard Buffett, will succeed him as chairman. Howard has been a member of Berkshire Hathaway’s board since 1993.

Warren Buffett will continue serving on the board as a director. He became Berkshire Hathaway’s chairman in 1970, beginning a tenure that lasted more than 50 years.

The leadership change follows Buffett’s departure as Berkshire Hathaway CEO late last year. Greg Abel took over as chief executive.

“Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” Abel said in a statement. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”

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