Warren Buffett is stepping down as chairman of Berkshire Hathaway, marking another stage in the leadership transition at the $1 trillion conglomerate he has led for decades.

Buffett, 96, will become chairman emeritus immediately, while his oldest son, Howard Buffett, will become chairman , the company said Friday. Howard has served on Berkshire's board since 1993. Warren Buffett will remain a director.

Buffett has chaired Berkshire since 1970 after taking control of the struggling New England textile company in 1965. Greg Abel became CEO at the beginning of this year, succeeding Buffett, who continued visiting the office daily to review investments and advise Abel.

In a shareholder letter, Buffett said he had served Berkshire since 1965 and still considered his job the best in the world.

Investor Adam Mead said the move could help reduce the impact on Berkshire when Buffett eventually dies. The company did not cite any health concerns.

Buffett said he was confident in Abel and Howard, with Abel running the company and Howard protecting its culture and values. Abel has overseen Berkshire's non-insurance businesses since 2018.

Buffett built Berkshire into an investment giant through insurance acquisitions and investments. The company surpassed a $1 trillion valuation in 2024.

Buffett has donated about $66 billion in stock since 2006 and plans for his three children to oversee his remaining charitable giving.

During his leadership, Berkshire produced a 19.9% compounded annual return, compared with 10.4% for the S&P 500.

Shares dipped slightly Friday morning.