Warren Buffett steps down as chairman of Berkshire Hathaway, his son will take over the position

Warren Buffett, 96, announced Friday he's stepping down as chairman of Berkshire Hathaway, having served the company since 1965.

Buffett was named chairman emeritus, effective immediately, and he will "continue to offer his valued judgment and perspective," the company said in a statement Friday. Buffett's son, Howard G. Buffett, will take over as chairman, according to the announcement. 

Eight months ago, Buffett stepped down as CEO of the conglomerate he helped grow into a trillion-dollar company, NBC News reported. 

“Father Time always wins. 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," Buffett wrote in a letter to shareholders on Friday.