Warren Buffett
Berkshire Hathaway also announced changes in its insurance and noninsurance operations and named Michael O’Sullivan as the general counsel, marking the creation of a new position at the company
Berkshire Hathaway announced a shakeup of its top management team on Monday, just weeks before Warren Buffett hands over the reins of the company to Greg Abel.
The company’s longtime finance chief Marc Hamburg, who joined in 1987, will retire on June 1, 2027, after four decades at the conglomerate, while Todd Combs will leave for JPMorgan Chase, Berkshire Hathaway said.
Charles Chang, CFO of Berkshire Hathaway Energy, will succeed Mr.Hamburg next year.
“Marc has been indispensable to Berkshire and to me. His integrity and judgment are priceless,” Mr. Buffett said in a statement.
Mr. Abel’s transition to CEO on January 1 closes Mr. Buffett’s extraordinary six decades heading Berkshire Hathaway, where he became a household name, a multi-billionaire and an American success story.
Mr. Combs and another Berkshire investment manager Ted Weschler were once expected to take over the company’s equity portfolio, having helped Mr. Buffett invest in stocks, but the CEO had in recent years said Mr. Abel could handle it.
The appointments underscore Berkshire’s tradition of choosing leaders who uphold its culture, show strong business judgment and support its distinctive operating model, the company said, adding it remains well positioned for the future.
Berkshire Hathaway also announced changes in its insurance and noninsurance operations and named Michael O’Sullivan as the general counsel, marking the creation of a new position at the company.
However, the lot of noninsurance businesses – including industrial products, building products, BNSF, Berkshire Hathaway Energy, Pilot and McLane – will remain under Abel’s direct oversight once he takes over as CEO.
JPMorgan said on Monday that Mr. Combs, an investment manager of Berkshire, will head the strategic investment group of the firm’s new security and resiliency initiative.