Berkshire Hathaway is reshuffling its top ranks ahead of the departure of its legendary CEO, Warren Buffett, in January.
The company announced on Monday that Todd Combs, one of Buffett’s key deputies and CEO of Berkshire-owned Geico, is departing the company to take on a role at JPMorgan.
Alongside Combs’ departure, Berkshire Hathaway announced a series of new leadership appointments.
The company said that the new leaders are “stewards of the company’s culture, demonstrate strong business acumen and judgment, and enable Berkshire’s distinctive way of operating.”
The shake-up of Berkshire Hathaway’s top ranks comes weeks before Greg Abel is due to take over from Warren Buffett as CEO in January. 95-year-old Buffett will remain as chairman of the business that he has led for the past 60 years.
Here’s the full list of appointments, most of which are effective immediately, according to Berkshire Hathaway’s Monday announcement.
Nancy Pierce becomes Geico CEO
Nancy Pierce is succeeding Todd Combs as CEO of Geico, the auto insurer owned by Berkshire Hathaway and one of the conglomerate’s core subsidiaries.
Pierce joined Geico in 1986 and was chief operating officer of the company before being tapped as CEO. She has held leadership roles across claims, underwriting, product management, and regional operations.
“Nancy knows the business inside and out. She’s practical, decisive, and focused on results,” said Ajit Jain, vice chairman for insurance operations.
Adam Johnson takes over as head of Berkshire’s consumer division
Adam Johnson has been appointed president of Berkshire Hathaway’s consumer products, service, and retailing businesses.
Johnson has been CEO of the Berkshire-owned private jet company NetJets for over 10 years — a role he’ll continue alongside the new appointment.
“Adam is an accomplished leader with a proven ability to deliver long-term shareholder value,” said Abel, Berkshire’s incoming CEO, in Monday’s press release.
“In his new role, he will support the outstanding CEOs of our 32 consumer products, service, and retailing businesses, and uphold Berkshire’s culture and values.”
Johnson’s new role hints at Abel’s plans for Berkshire. Under Buffett, the incoming CEO oversaw all non-insurance businesses.
The new CEO is splitting up the non-insurance businesses owned by the company.
Johnson will be in charge of consumer firms like See’s Candies and Fruit of the Loom, while Abel will manage the rest, including BNSF Railway, BHE, Pilot, and McLane, alongside his CEO duties.
Marc Hamburg retires as chief financial officer
Marc Hamburg, the long-serving senior vice president and chief financial officer of Berkshire Hathaway, will retire on June 1, 2027.
Now 75 years old, Hamburg joined Berkshire in 1987.
Hamburg’s role was to oversee the conglomerate’s finances. The company hit a record $1 trillion market value in August 2024 and is currently valued at $1.09 trillion.
“Marc has been indispensable to Berkshire and to me. His integrity and judgment are priceless. He has done more for this company than many of our shareholders will ever know,” said Buffett in Monday’s press release.
“His impact has been extraordinary.”
Charles Chang replaces Hamburg
Stepping into Hamburg’s shoes when he retires in June 2027 is Charles Chang.
Chang has been a senior vice president and chief financial officer of Berkshire Hathaway Energy since 2024, and will take over as finance chief of Berkshire. He will be based in Omaha.
Chang is a former partner at the Big Four professional services firm PwC, where he developed over three decades of experience in public company financial reporting and mergers and acquisitions for some of PwC’s largest clients.
Michael O’Sullivan joins as general counsel
A new position has been created for Michael O’Sullivan when he joins Berkshire on January 1, 2026.
O’Sullivan will become senior vice president and general counsel at Berkshire and will be based in Omaha. The company has historically relied primarily on external legal counsel for corporate matters.
O’Sullivan was formerly an attorney at Munger, Tolles & Olson — the firm founded by Buffett’s late right-hand man, Charlie Munger — for over twenty years.
The law firm has been Berkshire’s go-to law firm for decades, meaning O’Sullivan knows the company well. He joins from Snap, where he has served as general counsel since 2017.
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