Warren Buffett stepping down as Berkshire Hathaway chairman after 56 years

OMAHA, Neb. — Warren Buffett is stepping down as chairman of Berkshire Hathaway after 56 years, the company announced Friday.

The 96-year-old Buffett will become chairman emeritus, and his son, Howard, will become Berkshire Hathaway's new chairman. Howard Buffett has been on the Berkshire Hathaway board since 1993.

Buffett penned a letter to shareholders that accompanied Berkshire Hathaway's announcement.

“I have served Berkshire since 1965," Buffett said. “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's letter also noted that Howard "cares deeply" about the company.

"Howard has been a Berkshire Director for 33 years," Buffett wrote. "That is a longer apprenticeship than I served before taking the reins at the age of 34. Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet. Think of Howard as a policy the shareholders own and hope never to claim against."

Buffett, who stepped down as CEO last year, will remain on the board of directors.

Watch: Warren Buffett to step down as CEO of Berkshire Hathaway

Buffett said that he is confident with new CEO Greg Abel and 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.”

The Associated Press contributed to this report.

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