Warren Buffett is relinquishing his position as chairman of Berkshire Hathaway following more than five decades in the role.

The organization announced on Friday that the 96-year-old Buffett will assume the title of chairman emeritus and will commence his new position immediately. His son, Howard, will assume the position of chairman at Berkshire Hathaway. Howard Buffett has maintained his position as a Berkshire Hathaway board member since 1993.

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