Warren Buffett steps down as chairman of Berkshire Hathaway

Warren Buffett steps down as chairman of Berkshire Hathaway after serving in the role at the conglomerate for more than 50 years.

Buffett, 96, will become chairman emeritus and will take on his new role immediately, the company said Friday.His son, Howard, has been on the board since 1993 and will become Berkshire Hathaway's new chairman, part of a long-planned succession.

Warren Buffett will remain a director.Greg Abel took over for Buffett as the CEO of the One-trillion-US-Dollar conglomerate to start the year, but Buffett remains one of the most influential investors in the world.

Buffett says he is confident with Abel and his son Howard leading Berkshire Hathaway.