Berkshire Hathaway revealed a major reshuffle of its top leadership on Monday, just weeks before Warren Buffett, often referred to as the Oracle of Omaha, officially steps down as chairman and transfers control of the company to Greg Abel.
Abel currently serves as vice chairman of non-insurance operations. In a shareholder letter released in early November, Buffett described Abel as a great manager, a tireless worker, and an honest communicator.
According to Buffett, Abel has gone beyond expectations and possesses a deep understanding of the company’s diverse businesses and its employees. Buffett emphasised Abel’s rapid learning ability, adding that he couldn’t think of a CEO he would prefer over Abel to manage his and the investors’ money.
‘Greg understands, for example, far more about both the upside potential and the dangers of our P/C insurance business than do a great many long-time P/C executives. My hope is that his health remains good for several decades,’ Buffett wrote.
Abel is set to become CEO on 1st January 2026, marking the end of Buffett’s six-decade leadership at Berkshire Hathaway.
Charles Chang Named Berkshire Hathaway CFO
Current CFO Marc Hamburg will step down on 1st June 2027, after nearly 40 years with the company. Meanwhile, Todd Combs, CEO of GEICO, will leave Berkshire Hathaway to join JPMorgan Chase, where he has served as a board director since 2016.
‘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 realise,’ Buffett said. ‘His impact has been extraordinary.’
Regarding Combs, Buffett highlighted his role in broadening GEICO’s horizons and his successful track record of recruiting talented individuals over many years.
Charles Chang, CFO of Berkshire Hathaway Energy, will succeed Hamburg as CFO, starting 1st June 2026. Hamburg and Chang will work together to ensure a smooth transition.
Chang, based in Omaha, previously worked as a partner at PricewaterhouseCoopers. He brings over 30 years of experience in public company financial reporting, M&As, and corporate governance.
Michael O’Sullivan Named General Counsel
Berkshire Hathaway also announced a new appointment within its legal team, naming Michael O’Sullivan as the company’s general counsel—a newly created position. O’Sullivan will take up his role in Omaha, starting 1st January 2026.
O’Sullivan joins Berkshire Hathaway from Snap, where he served as general counsel since 2017. Before that, he spent over 20 years practising law at Munger, Tolles & Olson, advising on corporate governance, litigation, and mergers and acquisitions.
Overall, the company’s non-insurance operations—including industrial products, building materials, Berkshire Hathaway Energy, Pilot, and McLane—will remain under Abel’s oversight.
These significant changes in top management reflect Berkshire Hathaway’s longstanding tradition of selecting leaders who align with its corporate culture, demonstrate sound business judgment, and support its distinctive operational approach. In its statement, Berkshire Hathaway reaffirmed that it remains well-positioned for future growth and success.
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