India, Sept. 19 -- Warren Buffett is stepping down as chairman of Berkshire Hathaway after serving in the role at the $1 trillion conglomerate for more than 50 years.

Buffett, 96, will become chairman emeritus and will take on his new role immediately, the company said Friday.

His son, Howard, will become Berkshire Hathaway's new chairman, part of a long-planned succession. Howard Buffett has been on the Berkshire Hathaway board since 1993.

Warren Buffett, known by a legion of financial market followers as the Oracle of Omaha, will remain a director. He has been Berkshire Hathaway's chairman since 1970.

Greg Abel took over for Buffett as the CEO of the $1 trillion conglomerate at the start of this year, even though Buffett remains one...