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Warren Buffett stepped down as chairman of the board of Berkshire Hathaway $BRK-B, effective immediately.

This ends his more than 50 years at the helm of the conglomerate.

Buffett, who is a remarkable 96 years old, has chaired the board since 1970. He now moves into the role of chairman emeritus and remains on the board as a regular member.

The chairmanship is taken over by his son Howard Buffett, who has served on the board since 1993.

According to the company, the change is in line with a long-prepared succession plan.

So it is not that the investment legend is in poor health, as many immediately began to speculate.