Berkshire Hathaway Sees Major Leadership Shake-Up as Two Top Executives Depart

Berkshire Hathaway said two senior executives will leave the company after years of service, marking one of the most significant leadership shifts for the conglomerate as Warren Buffett prepares to step down in 2026.

The company confirmed that Todd Combs, CEO of GEICO and one of Berkshire’s key investment managers, will depart in January to join JPMorgan Chase. He has served on JPMorgan’s board since 2016 and will now lead the bank’s $10 billion Strategic Investment Group, which focuses on aerospace, defense, energy and healthcare investments.

Buffett praised Combs’ move, noting that “JPMorgan, as usually is the case, has made a good decision.” The company said Combs made “many great hires” during his tenure at GEICO and broadened its operational scope.

Berkshire also announced that Marc Hamburg, the conglomerate’s long-time Chief Financial Officer, will retire in June 2027 after four decades at the firm. Buffett called Hamburg “indispensable,” adding that his contributions exceed what “many shareholders will ever know.”

The company is also creating a new corporate role — General Counsel — for the first time in its history. Michael O’Sullivan will assume the position in 2026 after previously working at Munger, Tolles & Olson and serving as general counsel at Snap Inc.

Berkshire prepares for post-Buffett era

The leadership changes come as Berkshire Hathaway approaches a historic transition. Buffett, who has led the company since 1964, will step down as CEO in 2026. Greg Abel, currently overseeing Berkshire’s non-insurance businesses, has been designated as his successor.

Berkshire recently became the first U.S. non-technology company to surpass a $1 trillion market capitalisation. Buffett has also said that after his death, his fortune will be transferred to a new charitable foundation run by his three children.

What Berkshire owns

The conglomerate’s portfolio spans insurance, energy, manufacturing, transportation and consumer brands. Its subsidiaries include GEICO, BNSF Railway, Berkshire Hathaway Energy, Dairy Queen, Brooks and others. Berkshire also holds significant stock positions in Bank of America, American Express, Coca-Cola and Chevron.