India, Sept. 18 -- Warren Buffett is relinquishing his position as chairman of Berkshire Hathaway following more than five decades in the role.

The organization announced on Friday that the 96-year-old Buffett will assume the title of chairman emeritus and will commence his new position immediately. His son, Howard, will assume the position of chairman at Berkshire Hathaway. Howard Buffett has maintained his position as a Berkshire Hathaway board member since 1993.

Warren Buffett will continue to serve as a director. He had held the position of Berkshire Hathaway's chairman since 1970.

Buffett resigned from his role as CEO of the organization in the late last year. He was replaced by Greg Abel.

Published by HT Digital Content Services...