Business

Warren Buffett steps down as Berkshire Hathaway chairman

Posted about three weeks ago

Warren Buffett attends 'Becoming Warren Buffett' World Premiere at The Museum of Modern Art on Jan. 19, 2017, in New York City. (Jamie McCarthy/Getty Images)

(NEW YORK ) -- Warren Buffett has stepped down as chairman of Berkshire Hathaway, the company announced in a statement published early on Friday, having served in the role since 1970.

Buffett, 96, is now chairman emeritus of the company and will remain a director, Berkshire Hathaway said.

His son, Howard Buffett, will take over as Berkshire Hathaway's new chairman, the statement added. Howard Buffett has been a member of the company's board since 1993.

This is a developing story. Please check back for updates.

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