Warren Buffett steps down as chairman of Berkshire Hathaway

Warren Buffett is stepping down as chairman of Berkshire Hathaway, after more than 60 years guiding the firm that turned him into a household name for millions of investors worldwide.

Buffett was named chairman emeritus effective immediately, with his son Howard G. Buffett taking over as chairman, Berkshire said in a statement Friday.

“As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective,” Berkshire said.

The announcement comes just eight months after Buffett stepped down as CEO of the conglomerate he built into a trillion-dollar company.

“Father Time always wins,” Buffett wrote Friday in a letter to Berkshire’s shareholders. “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.”

At 96 years old, Buffett had still appeared in interviews with CNBC as recently as July. However, his voice sounded weak of late.

Buffett noted in the letter that he has “served Berkshire since 1965.”

Since Buffett started to use Berkshire Hathaway as his primary investment vehicle in the 1960s, the company’s share price had risen more than 5,500,000% by the time he retired as CEO. By comparison, the return for the S&P 500 over the same period is a mere 39,000%.

Under Buffett’s leadership, Nebraska-based Berkshire thrived at the intersection of Wall Street and Main Street, with investments in industries ranging from railroads and insurance to candy and ice cream.

Even in the last two months, Buffett was still a highly active investors. In July, Buffett told CNBC that he initiated an investment in Alphabet by Berkshire.

In the interview, Buffett said he “made a mistake” by not investing in the tech giant earlier. The investment is now worth more than $27 billion and ranks as Berkshire’s fifth largest holding.

He was replaced as CEO by Greg Abel, his longtime lieutenant.