Berkshire Hathaway founder Warren Buffett is stepping down as the company’s chairman to be replaced by his son Howard.

The billionaire will become chairman emeritus of the company with immediate effect, according to a statement on Friday. The elder Buffett will remain a member of the board while his son, a director of the company since 1993, steps in as his successor.

The elevation is the latest step in the succession process at one of the world’s most storied investment titans. Buffett was replaced as chief executive officer of the company by Greg Abel earlier this year.

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

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