“Father Time always wins,” the 96-year-old, who turned Berkshire Hathaway into an investing powerhouse, said in a letter to shareholders. He will remain on the board as chairman emeritus.

Mr. Buffett, 71, is succeeding his father, Warren, but will not be running the company’s day-to-day operations.

© Volodymyr Tarasov/Ukrinform/Sipa USA, via Reuters