Berkshire finance chief to retire as post-Buffett era approaches

Berkshire is preparing for massive changes at the firm as Buffett, who has been CEO for six decades, prepares to hand the reins to his longtime deputy Greg Abel next year.

Berkshire Hathaway Inc. announced a handful of leadership changes including the retirement of its longtime chief financial officer, as the $1 trillion conglomerate prepares for the retirement of Warren Buffett.

Marc Hamburg will end his 40-year tenure at the firm in 2027 and hand over his role as chief financial officer next year to Charles Chang, according to a statement Monday. Separately, Nancy Pierce will become CEO of Geico, filling a spot held by Todd Combs, a Berkshire investment manager who is leaving to take a job at JPMorgan Chase & Co.

Berkshire is preparing for massive changes at the firm as Buffett, who has been CEO for six decades, prepares to hand the reins to his longtime deputy Greg Abel next year. Abel has overseen the firm’s non-insurance businesses, including its massive energy and railroad operations.

Hamburg “has done more for this company than many of our shareholders will ever know,” Buffett said. “His impact has been extraordinary.”

Chang, Hamburg’s replacement as CFO, hails from Abel’s part of the business where he is currently finance chief at Berkshire Hathaway Energy.

Separately Buffett named Adam Johnson, who currently leads NetJets, to a role as president of Berkshire’s consumer products, service and retailing businesses. He’ll also continue as NetJets CEO.

Buffett’s company also announced it would create a general counsel position, a new spot at the firm that previously mostly relied on an outside law firm. Michael O’Sullivan, who has worked at Snap Inc., will become the general counsel at Berkshire in 2026. He’s also previously worked at Munger, Tolles & Olson, the law firm that Berkshire has often used.