Warren Buffett steps down as Berkshire Hathaway chairman

"Father Time always wins", Warren Buffett wrote in his letter to investors (Photo: AP).Warren Buffett on Friday stepped down as chairman of Berkshire Hathaway, the $1 trillion conglomerate he has led since 1965. The 96-year-old investor announced the decision in a letter to shareholders."Father Time always wins," Buffett wrote, adding that he looks forward to remaining a shareholder.However, Buffett will become chairman emeritus with immediate effect. According to the company's press release, he will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective.Consistent with the company’s long-standing succession plan, his son and a Berkshire director since 1993, Howard G. Buffett, will succeed him as Chairman.Susan L. Decker will continue as lead independent director, the company announced.