(NEW YORK ) -- Warren Buffett has stepped down as chairman of Berkshire Hathaway, the company announced in a statement published early on Friday, having served in the role since 1970.

Buffett, 96, is now chairman emeritus of the company and will remain a director, Berkshire Hathaway said.

His son, Howard Buffett, will take over as Berkshire Hathaway's new chairman, the statement added. Howard Buffett has been a member of the company's board since 1993.

This is a developing story. Please check back for updates.

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