Warren Buffett steps down as Berkshire Hathaway Chairman

(NBC, KYMA) - Warren Buffett is stepping down as Chairman of investment firm Berkshire Hathaway.

Buffett has guided Berkshire Hathaway for more than 60 years, making him a household name for millions of investors worldwide.

The company released a statement Friday saying Buffett was named Chairman Emeritus effective immediately, with his son, Howard G. Buffett, taking over as Chairman.

In a letter to shareholders, Buffett wrote in part, "Father time always wins."

Friday's announcement comes just nearly nine months after Buffett stepped down as CEO of the conglomerate he built into a trillion-dollar company.

At that time, he was replaced as CEO by Greg Abel, his longtime lieutenant.

Berkshire Hathaway said Buffett will remain as a member of the board of directors where he will continue offering his judgement and perspective going forward.