Warren Buffett is giving up his title.

He is no longer chairman of Berkshire Hathaway.

The company said this on Friday.

Buffett is 96.

He will become chairman emeritus.

He starts this new role now.

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

Howard Buffett has been on the board since 1993.

Buffett was chairman since 1970.

He took control of a struggling textile company in 1965.

The company was in New England.

He will stay a director.

Greg Abel became CEO at the start of this year.

Buffett still came to the office each day.

He looked for investments.

He gave advice to Abel.

It is not clear if his routine will change.

Buffett wrote a letter to shareholders.

He said he has served Berkshire since 1965.

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

He said he trusts Abel and Howard.

They will lead the company.

Abel runs the company.

Howard will guard its culture and values.

Buffett said this.

Investor Adam Mead said Buffett wants to lessen the impact.

This will happen when Buffett dies.

The announcement did not show any health issues.

Analyst Cathy Seifert said investors still have questions.

They wonder how well Abel will use Berkshire's $365 billion cash pile.

Professor Michael Withers said there will be a test.

Can Abel and Howard honor Buffett's legacy?

Can they let Berkshire adapt?