Warren Buffett stepped down as chairman of Berkshire Hathaway on Friday, ending a six-decade run at the helm of the conglomerate he built from a struggling textile company into one of the world’s most valuable businesses.

Buffett, 96, will become chairman emeritus and remain on Berkshire’s board of directors, the company announced. His son, Howard Buffett, will take over as chairman after more than 30 years on the board.