Warren E. Buffett, who built one of the most successful investment firms in history and became a sage of American capitalism, is stepping down as chairman of Berkshire Hathaway, the company said on Friday.

Mr. Buffett, who turned 96 on Aug. 30, will remain on Berkshire's board as chairman emeritus, effective immediately. His older son, Howard G. Buffett, will become chairman under the company's succession plan.

Warren Buffett, who built Berkshire Hathaway Inc. into a business valued at more than $1.16 trillion and himself into a celebrity billionaire renowned for his investing acumen and witticisms, will step down at year-end after six decades atop the conglomerate.

Greg Abel, the vice chairman for non-insurance operations, will take charge of the conglomerate upon board approval, Buffett, 94, said Saturday at the company’s annual shareholder meeting in Omaha, Nebraska. He said the board plans to meet on Sunday.