Warren Buffett stepping down as Berkshire chairman

Warren Buffett is stepping down as chairman of Berkshire Hathaway , the sprawling conglomerate worth $1 trillion that he has led since 1965. The 96-year-old legendary investor announced the move in a letter to shareholders Friday.

Buffett will become chairman emeritus, effective immediately, while remaining a director on the board, the company said in a separate announcement. His son Howard Buffett will replace him as chairman, as dictated by a long-standing succession plan, Berkshire said. Susan Decker will continue as lead independent director.

"Father Time always wins," wrote Buffett. "He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead."