Warren Buffett is stepping down as chairman of Berkshire Hathaway after 56 years in the role, the company announced Friday. The 96 year old investor will become chairman emeritus and remain on Berkshire’s board, while his son, Howard Buffett , takes over the chairmanship in the company’s biggest leadership shift in decades. Berkshire Hathaway credited Warren Buffett with making extraordinary contributions to the company and its owners. The transition separates two responsibilities, Greg Abel will continue running the business, while Howard Buffett is expected to protect the corporate culture and values that Warren Buffett built. What Happens to Berkshire Hathaway Now? Howard Buffett has served as a Berkshire Hathaway director for 33 years, giving him a longer apprenticeship than Warren Buffett had before becoming chairman at age 34. Warren Buffett described the chairmanship as the privilege of a lifetime and acknowledged that time eventually wins, even after giving him a remarkably long run. The move does not remove Warren Buffett from Berkshire Hathaway entirely. Warren Buffett will stay involved as a board director, while Howard Buffett becomes chairman and Greg Abel remains responsible for the company’s day to day operations.