Warren Buffett steps down

Warren Buffett, 96, stepped down as chairman of Berkshire Hathaway on Friday and was named chairman emeritus, nine months after handing

the chief executive

reins to longtime lieutenant Greg Abel.

Berkshire named Buffett's son, Howard Buffett, a director since 1993, as chairman. Howard will have no management role, with his primary responsibility being to preserve the culture built by his father.

Buffett, who joined Berkshire in 1965, transformed the struggling textile company into a $1.1 trillion conglomerate and developed an investment philosophy that influenced generations of investors and corporate leaders.

"Father Time always wins. He has, however, been generous with me," Buffett wrote in a letter to shareholders. The company said Buffett will remain on Berkshire's board and continue offering his "valued judgment and perspective".

Berkshire's businesses include Geico, BNSF railroad, energy and industrial companies and Dairy Queen. It also owns hundreds of billions of dollars in stocks and US Treasuries.