By Steve Goldstein

Howard Buffett, son of billionaire investor Warren Buffett, and then-U.S. Sen. Heidi Heitkamp (D-ND) attend the annual Allen & Company Sun Valley Conference, July 13, 2018 in Sun Valley, Idaho. Howard Buffett is now chairman of Berkshire Hathaway.

Warren Buffett, the investing legend that turned Berkshire Hathaway into an massive conglomerate, on Friday stepped aside as chairman after leaving as CEO at the beginning of the year.

Berkshire Hathaway (BRK.B) (BRK.A) said the 96-year-old Buffett has been named chairman emeritus, effective immediately, while his son Howard will become chairman.

Howard Buffett has been a Berkshire director since 1993. The elder Buffett will stay on the board.

"Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one. He's moving a bit faster than I am these days," said Buffett in a simultaneously released letter.

"I have served Berkshire since 1965. Sixty-plus years in, I still have the best job in the world."

Buffett said CEO Greg Abel has exceeded his "sky-high" expectations. His son, meanwhile, has had 33 years at the firm.

"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," said Buffett.

Berkshire Hathaway's cheaper and more actively traded 'B' class of shares have underperformed the market this year, rising 1% vs. the 12% gain for the S&P 500 SPX.

Its operating earnings over the first half of the year grew 17%.

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

09-18-26 0655ET