Warren Buffett is stepping down as chairman of Berkshire Hathaway after more than 50 years in the role. The company announced the change on Friday, stating that the 96-year-old Buffett will become chairman emeritus effective immediately.

His son, Howard Buffett, will take over as the new chairman of the company. The transition marks the end of an era for the investment conglomerate founded by the legendary investor.

Berkshire Hathaway has grown into a major holding company under Buffett's leadership, with a portfolio that includes insurance, manufacturing, and consumer brands. The move comes as the firm prepares for its next phase of leadership.

Buffett's long tenure has been defined by a focus on value investing and long-term capital allocation. Shareholders and analysts have closely watched succession plans at the company for years.

The announcement positions Howard Buffett to guide the board while operational decisions remain with the management team. Berkshire shares traded in line with broader market movements following the news.