Warren Buffett steps down as chairman of Berkshire Hathaway

Warren Buffett, who ended his decades-long tenure as CEO of Berkshire Hathaway at the end of last year, is giving up the chairman post he has held since 1970.

Buffett, 96, will remain on the board to serve as Chairman Emeritus. His son Howard, a board member since 1993, will take over the role as chairman.

Known as the "Oracle of Omaha," Buffett built Berkshire into one of the world's most valuable companies using his theory of value investing, greatly outperforming the broader market. He also became the world's 10th richest person and one of the most generous philanthropists. Today, he has a net worth of $145 billion according to Bloomberg's Billionaire Index.

Shares of Berkshire (BRK.A) were little changed on the news.

In a letter to Berkshire shareholders Friday, Buffett said that he is stepping aside partly because CEO Greg Abel has exceeded his expectations. But he also said acknowledged his age in the letter, mentioning that his great-grandson, who just turned one, is "moving a bit faster than I am these days."

"Father Time always wins," he wrote. "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."