Legendary 96-year-old investor Warren Buffett announced in a letter to shareholders on Friday that he will step down as chairman of Berkshire Hathaway. The company also issued a statement saying that Buffett will be the honorary chairman from now on and will continue to be a member of the board of directors. According to a long-established succession plan, his son Howard Buffett will succeed him as chairman, and Susan Decker will continue as chief independent director. The decision was made about nine months after Greg Abell took over as CEO and Buffett retained his position as chairman for about nine months. In a statement issued by the company, Abell said, “The culture Warren has established and the values he advocates will always be at the core of Berkshire, and Howard will be the guardian of these values.”

Legendary 96-year-old investor Warren Buffett announced in a letter to shareholders on Friday that he will step down as chairman of Berkshire Hathaway. The company also issued a statement saying that Buffett will be the honorary chairman from now on and will continue to be a member of the board of directors. According to a long-established succession plan, his son Howard Buffett will succeed him as chairman, and Susan Decker will continue as chief independent director. The decision was made about nine months after Greg Abell took over as CEO and Buffett retained his position as chairman for about nine months. In a statement issued by the company, Abell said, “The culture Warren has established and the values he advocates will always be at the core of Berkshire, and Howard will be the guardian of these values.”