Warren Buffett is stepping down as chairman of Berkshire Hathaway after more than 60 years guiding the conglomerate, Berkshire said in a statement Friday, NBC News reported. Buffett was named chairman emeritus effective immediately, with his son Howard G. Buffett taking over as chairman.<\/p>\n
\u201cAs Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective,\u201d Berkshire said. The move comes just eight months after Buffett stepped down as CEO and was replaced by longtime lieutenant Greg Abel \u2014 at which point the company had said Buffett planned to keep the chairman title.<\/p>\n
\u201cFather Time always wins,\u201d Buffett, now 96, wrote Friday in a letter to shareholders. \u201cHe has, however, been generous with me.\u201d He noted he has \u201cserved Berkshire since 1965\u201d and became chairman in 1970. Even recently he remained an active investor: in July he told CNBC Berkshire had initiated an Alphabet stake now worth more than $27 billion \u2014 Berkshire\u2019s fifth-largest holding \u2014 while Apple remains its largest, worth almost $80 billion as of Thursday.<\/p>\n