Warren Buffett stepping aside as Berkshire Hathaway chairman

Warren Buffett is stepping aside as Berkshire Hathaway chairman, he announced in a letter to shareholders Friday.

The 96-year-old will become chairman emeritus and stay on the company's board of directors, Berkshire said.

Buffett's son, Howard Buffett, will become Berkshire's new chairman under terms of a longstanding successor plan, the company said.

"Father Time always wins," Buffett wrote in the letter. "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. The company is in excellent hands, and I look forward to remaining a shareholder alongside you."