Warren Buffett is giving up his title as chairman of Berkshire Hathaway.

The company announced the change on Friday.

Buffett, 96, will become chairman emeritus and take on the new role immediately.

His oldest son, Howard, will become the new chairman.

Howard Buffett has been on the board since 1993.

Buffett had been chairman since 1970.

He took control of the struggling New England textile company in 1965.

He will remain a director.

Greg Abel became CEO at the start of this year.

Buffett still came into the office each day to look for investments and advise Abel.

It is not clear whether his routine will change.

Buffett said in a letter to shareholders that he has served Berkshire since 1965.

He said he still has the best job in the world.

He said he is confident in Abel and Howard leading the company.

Abel runs the company, and Howard will guard its culture and values, Buffett said.

Investor Adam Mead said Buffett seems to be trying to lessen the impact on Berkshire when he eventually dies.

The announcement did not reveal any health issues.

Analyst Cathy Seifert said investors still have questions about how well Abel will deploy Berkshire's $365 billion cash pile.

Professor Michael Withers said the test will be whether Abel and Howard can honor Buffett's legacy while letting Berkshire adapt.