Warren Buffett Steps Down as Berkshire Hathaway Chairman

Warren Buffett is officially stepping down as chairman of Berkshire Hathaway ... it marks a huge change at the company ... because for the last 56 years he's been holding the reins.

In a statement released Friday, the company praised Warren's "extraordinary contributions to Berkshire and its owners."

As Warren becomes chairman emeritus -- and continues to serve as a board director -- his son Howard will succeed him as chairman.

Warren wrote in a letter ... "Howard has been a Berkshire Director for 33 years. That is a longer apprenticeship than I served before taking the reins at the age of 34. Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet."

He added ... "Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted. Father Time always wins. He has, however, been generous with me."