Warren E. Buffett, 96, stepped down as Berkshire Hathaway chairman on Friday, naming his son Howard G. Buffett as replacement.

Buffett, who turned the conglomerate into one of history's most successful investment firms, will become chairman emeritus while remaining on the board. "Father Time always wins," he wrote in a letter to shareholders, adding "He has, however, been generous with me." The transition follows Buffett's 2023 resignation as CEO, succeeded by longtime lieutenant Greg Abel. The leadership change represents the culmination of a planned succession that has spanned decades.