Leadership shakeup at Berkshire Hathaway ahead of Warren Buffett’s exit
By Jordan Valinsky, CNN
New York (CNN) — A number of changes were announced Monday in the leadership ranks of Warren Buffett’s Berkshire Hathaway as the 95-year-old gets ready to end his tenure.
In a letter, Buffett said that Todd Combs – head of Geico, the insurance company owned by Berkshire Hathaway – is leaving for an “interesting and important job” at JPMorgan Chase, with the bank confirming that he’s the new head of its Security and Resiliency Initiative, a $10 billion fund to spur company growth in the United States.
“Todd made many great hires at Geico and broadened its horizons. JPMorgan, as usually is the case, has made a good decision,” Buffett wrote. He said that Geico’s Chief Operating Officer Nancy Pierce will become the company’s CEO effective immediately.
Another notable change is the retirement of Chief Financial Officer Marc Hamburg after 40 years with the company. Charles Chang, the CFO of Berkshire Hathaway Energy, will take over the role next year.
“Marc has been indispensable to Berkshire and to me,” Buffett said. “He has done more for this company than many of our shareholders will ever know.”
Other changes at the sprawling conglomerate include NetJets CEO Adam Johnson being named president of Berkshire Hathaway’s consumer products, services and retail business. Berkshire Hathaway owns Dairy Queen, the Burlington Northern Santa Fe Railway Company and Duracell, among other companies. (Johnson will maintain his role at NetJets, too.)
The changes at the top come as Buffett prepares to step down as head of the company he took control of six decades ago. In January, Greg Abel, who runs Berkshire Hathaway’s non-insurance business, is set to become CEO of the entire $1 trillion conglomerate.
The-CNN-Wire
™ & © 2025 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
