Warren Buffett is stepping down as chairman of Berkshire Hathaway and taking the title of chairman emeritus, effective immediately, according to multiple outlets citing his letter to shareholders.

The reports agree that Buffett has led the conglomerate for more than five decades, with some outlets noting he has served in the chairman role since 1970 and others describing his tenure as spanning about 50 to 56 years. Several sources emphasize the scale of Berkshire Hathaway and Buffett’s long-standing leadership.

While all outlets cover the same leadership change, they differ mainly in how they describe the timing and framing. Some highlight that the transition is immediate and focused on his parting words to shareholders; others underline his decision after a very long run as chair and his new emeritus status. None of the summaries provided specify who will succeed him as chairman or detail a broader governance plan beyond the role change.