Berkshire Hathaway is undertaking a comprehensive realignment of its senior leadership team in anticipation of the forthcoming departure of its iconic and long-standing chief executive officer, Warren Buffett, whose exit is slated for January. This strategic restructuring marks the most significant transition the company has seen in decades and is designed to both honor Buffett’s unparalleled legacy and ensure the conglomerate’s operational continuity in the post-Buffett era.
The company revealed on Monday that Todd Combs — one of Buffett’s most trusted lieutenants, long recognized for his financial insight, and currently serving as CEO of Berkshire-owned Geico — will leave the organization to assume a new executive role at JPMorgan. Combs’s exit represents not only the departure of a key member of Buffett’s inner circle but also a notable shift in leadership dynamics at one of Berkshire Hathaway’s cornerstone subsidiaries.
In conjunction with Combs’s departure, Berkshire Hathaway announced a thoughtfully calibrated series of new executive appointments, reflecting the company’s methodical approach to leadership succession. The firm described the newly appointed leaders as individuals who serve as exemplary guardians of Berkshire’s distinctive corporate ethos — professionals who embody prudent decision-making, exceptional business judgment, and a deep understanding of the firm’s unique decentralized operating philosophy. This reshaping of the organization’s upper echelons arrives just weeks before Greg Abel is poised to assume the CEO role from Buffett in January. Although Buffett, now 95 years old, will step back from day-to-day management, he will continue to serve as chairman of the conglomerate he has guided for nearly six decades, preserving continuity while paving the way for the next generation.
According to Berkshire Hathaway’s press release, the majority of the announced appointments will take effect immediately, marking the beginning of a new chapter in the company’s storied history. Among the most prominent changes is the elevation of Nancy Pierce, who will become the new CEO of Geico, one of America’s best-known and most profitable auto insurance brands — recognizable to millions through its ubiquitous mascot, the Geico Gecko. Pierce’s promotion reflects both her deep institutional knowledge and her long-standing commitment to the company. Having joined Geico in 1986, she advanced through a succession of leadership roles across claims, underwriting, product management, and regional operations, most recently serving as chief operating officer. Ajit Jain, Berkshire’s vice chairman responsible for insurance operations, applauded her appointment, emphasizing Pierce’s unparalleled familiarity with every aspect of the business and describing her as a pragmatic, decisive leader with an unwavering focus on tangible results.
Another major transition sees Adam Johnson — who has led Berkshire’s private aviation subsidiary NetJets for over a decade — appointed president of Berkshire Hathaway’s consumer products, services, and retailing division. Johnson’s expanded mandate will require him to oversee 32 distinct Berkshire-owned companies in these sectors, all while continuing his stewardship at NetJets. Greg Abel, Buffett’s designated successor and the incoming CEO, praised Johnson for his ability to create sustained shareholder value through disciplined management and strategic foresight. According to Abel, Johnson’s new role will ensure that Berkshire’s consumer-oriented firms maintain their entrepreneurial independence while remaining aligned with the company’s deeply rooted culture of integrity, partnership, and long-term thinking.
This adjustment also reveals important clues about Abel’s organizational vision. Historically, Warren Buffett delegated oversight of Berkshire’s non-insurance assets to Abel, but the new framework introduces a clearer division of responsibilities. Johnson will manage consumer-focused brands such as See’s Candies and Fruit of the Loom, while Abel will directly oversee major industrial and infrastructure holdings—including BNSF Railway, Berkshire Hathaway Energy, Pilot, and McLane—alongside his future CEO duties. This structural refinement underscores Berkshire’s ongoing evolution from a firm centered on Buffett’s singular leadership style into one guided by a well-defined, collaborative management hierarchy.
The leadership announcements also recognize the culmination of a long and distinguished career within Berkshire’s financial arm. Marc Hamburg, who has served as senior vice president and chief financial officer since 1987, will retire on June 1, 2027. Over nearly four decades with the conglomerate, Hamburg has been instrumental in ensuring the company’s fiscal integrity and overseeing the complex finances of Berkshire’s vast portfolio. Under his stewardship, Berkshire achieved a market capitalization milestone of $1 trillion in August 2024 and continues to hold a commanding valuation of approximately $1.09 trillion. Buffett paid tribute to Hamburg’s contributions, describing him as indispensable to both the company and himself personally, commending his integrity, judgment, and quiet yet transformative influence behind the scenes.
Succeeding Hamburg upon his retirement will be Charles Chang, who will assume the position of chief financial officer in mid-2027. Chang, currently senior vice president and CFO of Berkshire Hathaway Energy, brings more than three decades of high-level financial experience, derived largely from his tenure as a partner at PwC, one of the world’s leading professional services networks. According to the announcement, Chang’s extensive expertise in public company financial reporting and his deep involvement in large-scale mergers and acquisitions make him exceptionally qualified to manage Berkshire’s financial stewardship. Based in Omaha, he will uphold the company’s rigorous standards of transparency, precision, and prudence once he takes over the role.
In another forward-looking move, Berkshire will welcome Michael O’Sullivan as senior vice president and general counsel beginning January 1, 2026 — a newly created executive position that reflects the company’s growing emphasis on internal governance. Historically, Berkshire has relied primarily on external counsel for its corporate legal needs, but the establishment of an internal general counsel role signals a subtle yet meaningful shift in strategy. O’Sullivan, a seasoned attorney who spent over twenty years with Munger, Tolles & Olson — the law firm founded by Buffett’s late partner Charlie Munger — has a long-standing familiarity with Berkshire’s operations and culture. He most recently served as general counsel at Snap, bringing with him both corporate legal acumen and an intimate understanding of the Berkshire ethos. His relocation to Omaha and integration into Berkshire’s senior leadership structure underscore the company’s commitment to strengthening its internal advisory framework while maintaining the tradition of integrity and independence that has long defined it.
These transformations collectively highlight a defining moment for Berkshire Hathaway — a deliberate balancing of legacy and renewal. With Warren Buffett preparing to hand over the reins to Greg Abel, the company is meticulously positioning itself for its next phase of evolution, rooted in the same principles that have shaped its unparalleled success: disciplined management, ethical stewardship, and an unwavering focus on long-term value creation.
Sourse: https://www.businessinsider.com/berkshire-hathaway-new-leadership-team-under-greg-abel-2025-12
