Just weeks before Buffett retires, Berkshire makes a number of leadership changes

By Tomi Kilgore

A 39-year company vet will be the new Geico CEO, while a relatively new addition will take an executive role, as Greg Abel shapes Berkshire for his reign

Berkshire Hathaway preps for Warren Buffett's retirement with a number of leadership changes, involving some longtime company veterans.

Berkshire Hathaway announced on Monday a number of changes at the top of the management pyramid, just weeks before Warren Buffett is set to retire as the top dog.

The changes aren't just at the corporate level, but also at the heads of some of Berkshire's (BRK.B) larger businesses, as the company prepares for its first new chief executive, Greg Abel, in 60 years. The changes involve longtime company veterans as well as one new executive.

The company said Nancy Pierce has been named CEO of the Geico insurance business, effective immediately. Pierce, who joined the company in 1986, has held numerous leadership positions with the insurance operations.

Geico had recorded $42.92 billion in premiums written in 2024 - a little more than half of the total premiums written by Berkshire's property/casualty and life/health insurance businesses.

Todd Combs, who has been CEO of Geico since 2020, will leave the company to join JPMorgan Chase (JPM).

And after 40 years with the company, Chief Financial Officer Marc Hamburg will retire, effective June 1, 2027. He will be succeeded by a relatively new member of the Berkshire family, Charles Chang, who has been CFO of Berkshire Hathaway Energy since last year.

NetJets CEO Adam Johnson, who has been at the private-aviation services company for nearly three decades, and the last 10 years as CEO of that business, was named president of Berkshire's consumer products, service and retailing businesses, effective immediately.

In his new role, he'll support the CEOs of 32 businesses in that division, Abel said. Johnson will also continue his role at NetJets.

Berkshire's Class B shares slipped 0.5% in premarket trading on Monday. They have gained 11.3% in 2025 through Friday, while the S&P 500 index SPX has advanced 16.8%.

Warren Buffett is retiring at the end of the year, after running Berkshire since 1965. He'll leave the company as the ninth-largest in the U.S. with a market capitalization of $1.09 trillion. It is also currently the only non-technology company to have a 13-digit market cap.

-Tomi Kilgore

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12-08-25 0739ET