India, Sept. 18 -- Warren Buffett, who is the world's ten richest person, has stepped down from his position as chairman of Berkshire Hathaway, according to an announcement by the conglomerate. The organization further disclosed that his son, Howard, will assume the role of chairman.

Buffett will become the company's "Chairman Emeritus" in "recognition of his extraordinary contributions," according to a statement released to investors by Berkshire Hathaway.

The billionaire will continue to serve on the board and "offer his valued judgment and perspective," according to the conglomerate.

Less than a year has passed since the 96-year-old resigned as CEO of Berkshire Hathaway.

According to the company, Howard Buffett's election as the ne...