Key Berkshire Executive Joins JPMorgan's $1.5 Trillion Security Initiative in Management Shakeup (Image: Reuters)
Just a few weeks before the historic transfer from renowned investor Warren Buffett to his successor, Greg Abel, Berkshire Hathaway has started a significant management change. The conglomerate announced on Monday that its veteran CFO will retire and a key investment manager is departing to lead a strategic initiative at JPMorgan Chase, marking a pivotal moment as the company prepares for its post-Buffett future.
High-level departures and internal promotions are part of the reorganization, which strikes a balance between continuity and new leadership.
Marc Hamburg's Retirement: The longtime Chief Financial Officer, who joined Berkshire in 1987, will retire on June 1, 2027. Warren Buffett praised him as "indispensable."
Todd Combs' Departure: The investment manager, once seen as a potential overseer of Berkshire's equity portfolio, is leaving to head the strategic investment group for JPMorgan's Security and Resiliency Initiative—a $1.5 trillion, decade-long project.
Charles Chang's Promotion: The CFO of Berkshire Hathaway Energy, Charles Chang, will succeed Marc Hamburg as group CFO next year.
New General Counsel: Michael O'Sullivan has been appointed to the newly created position of General Counsel.
The changes are broadly seen as Abel aligning his leadership team with Buffett’s consent before officially becoming CEO on January 1, 2026. It enables fresh thinking while giving shareholders confidence in continuity with Buffett remaining Chairman.
Analyst Michael Ashley Schulman noted that by making these moves now, Abel can "make his mark while showing shareholders that the Oracle of Omaha approves." The company stated the appointments uphold Berkshire's tradition of choosing leaders who support its distinctive culture and operating model.
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Combs' move is a significant hire for JPMorgan. He will lead the investment arm of the bank's high-profile Security and Resiliency Initiative, a massive effort to finance industries vital to U.S. economic security, such as defense, aerospace, healthcare, and energy.
Berkshire clarified that its vast array of non-insurance businesses—including industrial and building products, BNSF railway, Berkshire Hathaway Energy, and others—will remain under Abel's direct oversight once he becomes CEO. This confirms his hands-on approach to managing the conglomerate's diverse operating units, a role he has effectively held for years.
A: On January 1, 2026, Greg Abel will take over as Berkshire Hathaway's chief executive officer.
A: As Chairman of the Board, Warren Buffett will continue to oversee and maintain continuity throughout the change.
A: Combs was one of two investment managers (with Ted Weschler) once expected to manage Berkshire's massive stock portfolio. His departure to head a crucial, capital-intensive national project at JPMorgan underscores the fierce competition for top personnel and signifies a change in Berkshire's leadership structure for investments.
A: It is anticipated that the fundamental philosophy will not change. Buffett had, however, previously suggested that Abel could manage the equity portfolio, pointing to a possible convergence of investment decision-making under the next CEO.
A: It is a $1.5 trillion, decade-long commitment launched earlier this year to provide financing and investment to U.S. companies in sectors deemed critical to national economic security and supply chain resilience.
