Berkshire Hathaway Reshuffles Leadership as Buffett Hands Off to Abel

Warren Buffett plans to step down as CEO at the end of 2025, passing the role to Greg Abel in 2026, and Berkshire just announced a wave of changes to match. Todd Combs, one of Buffett’s top investment managers and Geico’s CEO, is leaving for JPMorgan. Shares in Berkshire’s B class fell 2.5% on Monday after the news, according to a CNBC report.

Big Exits Pave Way for Succession

Combs joined Berkshire in 2010 from his hedge fund to help run the company’s equity portfolio alongside Ted Weschler. Buffett praised him in a release for great hires at Geico. Now 54, Combs heads to JPMorgan’s new Security and Resiliency Initiative, starting with $10 billion for investments in defense, aerospace, health care, and energy, aiming for $1.5 trillion overall (Reuters). JPMorgan CEO Jamie Dimon called him one of the best investors he’s known.

Chief Financial Officer Marc Hamburg, 75, will retire June 1, 2027, after 40 years (Bloomberg). Buffett said his integrity and judgment have been priceless for the company, now valued at $1.09 trillion.

New Faces Fill the Gaps

Berkshire named replacements and shuffled other roles (Axios) to keep operations steady under Abel. A Yahoo Finance breakdown lists them:

Nancy Pierce takes over as Geico CEO. She joined in 1986, most recently as COO, with experience in claims, underwriting, and operations. Ajit Jain, vice chairman for insurance, said she knows the business cold and focuses on results.
Adam Johnson, current NetJets CEO, becomes president of Berkshire’s consumer products, service, and retailing businesses—like See’s Candies and Fruit of the Loom. Abel called him a proven leader for shareholder value. Abel will oversee the rest of noninsurance operations, including BNSF Railway and Berkshire Hathaway Energy.
Charles Chang succeeds Hamburg as CFO in 2027. He’s current CFO of Berkshire Hathaway Energy and a former PwC partner with decades in financial reporting and M&A.
Michael O’Sullivan joins January 1, 2026, as senior vice president and general counsel, based in Omaha. He spent over 20 years at Munger, Tolles & Olson—Charlie Munger’s firm—and was Snap’s general counsel since 2017.

What It Means for Berkshire and Markets

Combs’ exit (NYT) leaves questions about managing Berkshire’s huge holdings in Apple, Bank of America, and Coca-Cola now that Buffett’s fading from the daily role. He surprised shareholders in May by confirming the handoff to Abel, 63, vice chairman of noninsurance operations. Berkshire’s shares are up 9% this year, trailing the S&P 500’s 16.6% gain—some blame uncertainty over life after Buffett, who built the firm since 1965.

Buffett stays on as chairman. He wrote in a Thanksgiving note that he feels good but moves slower and reads with more trouble. The moves signal a plan to preserve Berkshire’s culture and operations, even as investors watch for more shifts.