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Berkshire Hathaway Announces Leadership Overhaul Ahead of Warren Buffett Succession
Berkshire Hathaway has announced multiple senior leadership changes, including the retirement of its long-serving CFO Marc Hamburg and new appointments across insurance, consumer businesses and legal leadership, as the conglomerate prepares for Warren Buffett’s planned retirement.
By Finblage Editorial Desk
11:20 am
9 December 2025
Berkshire Hathaway Inc. has unveiled a series of major leadership changes as it prepares for the eventual retirement of its legendary CEO Warren Buffett. The $1 trillion conglomerate said its longtime Chief Financial Officer Marc Hamburg will retire in 2027, ending a four-decade tenure at the firm. He will hand over the CFO role next year to Charles Chang, who currently serves as finance chief at Berkshire Hathaway Energy.
In another significant move, Nancy Pierce has been appointed as the new CEO of Geico, replacing Todd Combs. Combs, who is also a key Berkshire investment manager, is set to leave the firm to take up a role at JPMorgan Chase & Co.
The leadership reshuffle comes as Berkshire prepares for a historic transition, with Buffett set to hand over the CEO position next year to his deputy Greg Abel. Abel currently oversees Berkshire’s non-insurance businesses, including its major energy and railroad operations.
Praising Hamburg’s contribution, Buffett said the outgoing CFO “has done more for this company than many of our shareholders will ever know,” calling his impact “extraordinary.”
Berkshire also announced that Adam Johnson, the current CEO of NetJets, will be elevated to the role of president of the company’s consumer products, service, and retailing businesses, while continuing to lead NetJets.
In addition, the conglomerate will create a General Counsel position for the first time in its history, moving away from its long-standing reliance on external law firms. Michael O’Sullivan, currently associated with Snap Inc. and formerly with law firm Munger, Tolles & Olson, will assume the general counsel role in 2026.
These changes signal a decisive leadership transition phase for Berkshire Hathaway as it prepares for post-Buffett operations.
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