US EditionBerkshire Hathaway CFO Marc Hamburg to retire; Todd Combs exits GEICO for JPMorgan
Todd Combs will lead JPMorgan’s $10 billion Strategic Investment Group, focusing on U.S. economic security industries as Berkshire reshapes leadership ahead of Buffett’s retirement.
- On Monday, Berkshire Hathaway announced Greg Abel as CEO successor and launched a leadership overhaul centralizing authority with new roles like general counsel and president for consumer, service and retail units, as Abel assembles his team starting in January.
- As Warren Buffett prepares to step down at the end of 2025, Berkshire's decades-long decentralized model that relied on his judgment will shift with governance changes and expected turnover in coming months.
- Michael J. O’Sullivan, new SVP and general counsel, will join Berkshire as of Jan. 1, and Charles C. Chang will succeed him as SVP and CFO on June 1, 2026.
- Shares fell more than 2% on Monday after the leadership announcements, with KBW downgrading Berkshire and UBS expecting Ted Weschler to manage the public equity portfolio.
- Analysts expect more turnover in coming months as Shields said, `All else equal, we think competing with the remarkable brain trust at PGR requires a full-time CEO`.
64 Articles
64 Articles
Warren Buffett loses his investment manager to JPMorgan
JPMorgan has appointed Berkshire Hathaway’s Todd Combs as head of its Strategic Investment Group, which will make $10bn (€8.6bn) of direct equity investments, as the lender pushes further into the economic security space.
JPMorgan Hires Vaunted Berkshire Stockpicker as Buffett’s Exit Spurs C-Suite Shakeup
Berkshire Hathaway’s C-suite is undergoing a makeover as CEO Warren Buffett’s hand-picked successor, Greg Abel, prepares to take over the top job. One of the big winners is an executive who doesn’t even work in their building. That would be Jamie Dimon. On Monday, the JPMorgan Chase CEO celebrated the hiring of Todd Combs, the Berkshire stock-picking wizard who helmed the turnaround of its Geico car insurance subsidiary. “JPMorgan, as usually is…
Associated Press News
Top manager leaves Warren Buffett's Berkshire as incoming CEO names team
Incoming Berkshire Hathaway CEO Greg Abel is assembling his team to help him lead the conglomerate Warren Buffett built starting in January after a couple of key departures.
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