Warren Buffett said Friday he is stepping down as chairman of Berkshire Hathaway, naming his 71-year-old son Howard Buffett as the new chair.

The move to name Howard—who goes by Howie—has long been part of the succession planning at the $1 trillion conglomerate Warren Buffett has controlled since 1965. Howard Buffett doesn't have the standard resume of a massive conglomerate's chairman.

Howard Buffett has served on Berkshire Hathaway's board since 1993 and plans to keep the company's headquarters in Omaha, Nebraska.