Warren Buffett has stepped down as chair of Berkshire Hathaway as part of a previously announced leadership succession plan at the conglomerate, which has a substantial insurance business. 

“Serving as your chairman has been the privilege of a lifetime … The company is in excellent hands,  and I look forward to remaining a shareholder alongside you,” Mr Buffett said in a letter to shareholders. 

The 96-year-old has been made chairman emeritus, a role that will keep him as a board director. His son Howard, who is also on the board, has been appointed chair. 

Berkshire CEO Greg Abel says Mr Buffett’s “impact on [the company] and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.” 

Mr Abel, whom Mr Buffett picked to succeed him as CEO, took up the role at the start of this year.