Warren Buffett steps down after six decades at Berkshire - 'Father Time always wins'

Image source, Getty Images Image caption, Howard Buffett's main duty as chairman will be guarding the firm's "culture and values."

Warren Buffett has stepped down as chairman of Berkshire Hathaway, handing over leadership to his son Howard in the final chapter of a long-planned transition at the US business giant.

At 96, the world-famous investor will move into an advisory role as chairman emeritus and remain on the company board to offer his "judgement and perspective", according to a letter to shareholders , external .

The decision comes nine months after Buffett passed the chief executive role to Greg Abel, with his son, Howard, who has been a director since 1993, taking over non-executive board duties.

Known as the "Oracle of Omaha," Buffett built one of the most successful investment track records in modern history.