Berkshire Hathaway announced a significant reorganization of its top management team on Monday, just weeks before Warren Buffett officially hands over leadership of the company to Greg Abel.
Marc Hamburg, the company’s long-serving finance chief who joined in 1987, will retire on June 1, 2027, ending nearly forty years at the conglomerate. Todd Combs is also set to depart for a role at JPMorgan Chase. Charles Chang, currently the CFO of Berkshire Hathaway Energy, will take over Hamburg’s position next year.
Buffett praised Hamburg’s contribution to the company, noting that his integrity and judgment have been invaluable. Abel’s transition to CEO on January 1 marks the conclusion of Buffett’s six decades at the helm, during which he became one of the most influential figures in American business.
Combs and Ted Weschler, both investment managers at Berkshire, were once considered likely successors for managing the company’s stock portfolio. However, in recent years, Buffett suggested that Abel would be capable of overseeing these responsibilities.
The new appointments highlight Berkshire’s commitment to selecting leaders who embody its values, demonstrate strong business insight, and support its distinctive operating structure. The company stated it remains well positioned for the future.
Additional adjustments were announced across Berkshire’s insurance and non-insurance divisions, including the creation of a new general counsel role filled by Michael O’Sullivan. Despite the broader restructuring, Abel will continue to directly oversee non-insurance operations such as industrial products, building materials, BNSF, Berkshire Hathaway Energy, Pilot, and McLane.
JPMorgan confirmed that Combs will head the strategic investment group within its new Security and Resiliency Initiative. In this role, he will work with multiple divisions of the bank to pursue opportunities across defense, aerospace, healthcare, and energy sectors. The initiative, launched earlier this year, includes a $1.5 trillion, decade-long plan to support industries critical to the nation’s economic resilience.
The bank will allocate up to $10 billion in direct equity and venture capital investments to help selected U.S. companies grow and innovate. JPMorgan also established an external advisory council to guide the initiative, chaired by CEO Jamie Dimon and including figures such as Jeff Bezos, Michael Dell, and Condoleezza Rice. Combs will serve on the council and begin his new position in January.
