Coin Press - Warren Buffett steps down as Berkshire Hathaway chairman

The news brings to an end the revered investor's more than half a century of running the group, which he turned into a financial behemoth.

Buffett's resignation is "effective immediately," although he will remain a member of the board of directors as chairman emeritus, Berkshire Hathaway said in a statement.

Buffett's son Howard Buffett will take over as chairman, the statement added.

The 96-year-old had announced plans last year to retire from leading the business group.

Berkshire Hathaway, a former small textile company, has grown over the years into a gigantic conglomerate under Buffett's leadership, and is now worth over $1 trillion on Wall Street -- a first for an American group outside the tech sector.

Today, his conglomerate owns dozens of businesses, from Duracell batteries to US insurer Geico, and shares in carefully selected companies, from Coca-Cola to Bank of America.

"Father Time always wins. He has, however, been generous with me," Buffett said in a letter to shareholders. "He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands."

"Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one," Buffett said. "He's moving a bit faster than I am these days."

H.Cho--CPN