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Berkshire Hathaway Leadership: Berkshire Hathaway unveiled a series of leadership changes on Monday as Warren Buffett, now 95, moves closer to ending his decades-long run at the company.
In a letter to shareholders, Buffett confirmed that Todd Combs, who has been overseeing Geico within the Berkshire portfolio, is stepping down.
Combs is taking on what Buffett described as an “interesting and important” new role at JPMorgan Chase.
The bank later confirmed that he will lead its Security and Resiliency Initiative, a $10 billion effort aimed at strengthening operations and supporting expansion across the United States.
Combs’ departure marks a notable shift inside Berkshire Hathaway as the company prepares for life after Buffett.
Warren Buffett offered strong praise for Todd Combs as he confirmed the Geico executive’s departure in a letter released Monday.
Buffett said Combs had strengthened the insurer by making “many great hires” and expanding its capabilities, adding that JPMorgan Chase made a “good decision” in bringing him on.
With Combs stepping away, Geico Chief Operating Officer Nancy Pierce has been elevated to chief executive officer. Her appointment takes effect immediately.
Berkshire Hathaway also announced a major shift in its finance department. Longtime Chief Financial Officer Marc Hamburg will retire after 40 years with the company.
Charles Chang, who currently serves as CFO of Berkshire Hathaway Energy, has been chosen to succeed Hamburg. He will assume the role next year.
Warren Buffett offered a warm tribute to departing Chief Financial Officer Marc Hamburg, describing him as “indispensable” to both Berkshire Hathaway and to Buffett personally.
“He has done more for this company than many of our shareholders will ever know,” Buffett said, noting Hamburg’s decades of service as he prepares to retire.
The company also outlined broader leadership changes within its massive business portfolio.
NetJets CEO Adam Johnson has been appointed president of Berkshire Hathaway’s consumer products, services, and retail division.
That division oversees several major Berkshire holdings, including Dairy Queen, the Burlington Northern Santa Fe Railway, and Duracell.
Johnson will continue to lead NetJets while taking on his expanded responsibilities at the conglomerate.
The latest leadership moves come as Warren Buffett gets ready to step down from the company he has led for more than 60 years.
Berkshire Hathaway said Greg Abel, who currently manages the conglomerate’s non-insurance operations, will take over as chief executive in January.
Abel’s promotion will put him in charge of a Berkshire empire now valued at about $1 trillion.
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