Warren Buffett has relinquished the chairmanship of Berkshire Hathaway after six decades in the role, handing the title to his son Howard Buffett as part of a planned succession. The 96-year-old investor will transition to an advisory position as chairman emeritus while retaining a seat on the board to provide guidance. The move follows nine months after Buffett stepped down as chief executive, with Greg Abel assuming that role. Howard Buffett, a director since 1993, will now oversee the company's culture and values in his non-executive capacity. Buffett built Berkshire from a struggling textile mill into a $1.1 trillion global conglomerate with major holdings in insurance, rail, energy and consumer brands. The company owns GEICO, Dairy Queen, BNSF Railway and significant stakes in Apple and Coca-Cola. In a shareholder letter, Buffett noted the timing was appropriate given his age and recent birthday, while acknowledging that "Father Time always wins." Day-to-day operations will continue under Abel's leadership, with Howard Buffett focusing on governance and strategic oversight. The elder Buffett's approach to "value investing" — identifying undervalued companies with strong fundamentals and holding them long-term — has defined Berkshire's reputation. His son brings decades of board experience and a background in farming, philanthropy and public service to the chairmanship.