Warren Buffett, chairman of the $1 trillion conglomerate Berkshire Hathaway, has stepped down and appointed his son, Howard, as his successor.

Mr Buffett, 96, relinquished his position as chair after about 60 years of transforming Berkshire Hathaway into a powerhouse that has enormous stakes in Apple and Coca-Cola. 

He will remain on the board as chairman emeritus while his son takes over as chairman.

Howard, 71, is Mr Buffett’s second child and has served as a director at the company since 1993. 

“Serving as your chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Mr Buffett wrote in a letter to investors on Friday. “Father time always wins. He has, however, been generous with me.”

Mr Buffett said he was assured the company was in good hands under the chairmanship of his son and Greg Abel as chief executive officer.

“The company is in excellent hands, and I look forward to remaining a shareholder alongside you,” the nonagenarian said.

Howard Buffett said he was ready to take on the new role, adding that he had received years of training and preparation for the top job.

“I feel I’m prepared for it because he prepared me. That’s a lot of years of influence and a lot of years of teaching,” he said.

Mr Abel said Berkshire will continue to uphold Mr Buffet’s values in running the conglomerate.

“Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” the Berkshire CEO said in a statement on Friday. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”