Warren Buffett's Berkshire Hathaway is undergoing the most dramatic leadership transformation in its 60-year history. The announcement that Chief Financial Officer Marc Hamburg will retire in June 2027—combined with earlier news that investment manager Todd Combs is departing for JPMorgan—signals that the post-Buffett era is no longer a distant possibility. It's happening now.
The changes come as Greg Abel, long identified as Buffett's successor, prepares to formally take over as CEO on January 1, 2026. Buffett himself will remain as chairman, but the transition he's spent decades planning is finally unfolding.
Hamburg's Four-Decade Legacy
Marc Hamburg joined Berkshire Hathaway in 1987 and became CFO in 1992. For more than three decades, he served as the financial architect behind Berkshire's transformation from a struggling textile company into a $900 billion conglomerate.
His tenure spanned some of Berkshire's most significant acquisitions:
- GEICO: The insurance giant that became Berkshire's crown jewel
- BNSF Railway: The $34 billion acquisition in 2009
- Precision Castparts: The $37 billion aerospace deal
- Apple investment: Building Berkshire's largest single holding
Buffett's praise was characteristically direct: "Marc has been indispensable to Berkshire and to me. His integrity and judgment are priceless. He has done more for this company than many of our shareholders will ever know."
The Succession Plan
Charles Chang, currently CFO of Berkshire Hathaway Energy, will assume the parent company CFO role in June 2026—a full year before Hamburg's formal departure. This overlap ensures continuity and knowledge transfer.
Chang brings 35 years of experience from PricewaterhouseCoopers, where he specialized in energy sector finance. His selection signals Berkshire's commitment to maintaining the conservative financial management that defined the Hamburg era.
The leadership structure taking shape for 2026:
- Chairman: Warren Buffett (continuing)
- CEO: Greg Abel (effective January 1, 2026)
- CFO: Charles Chang (effective June 2026)
- Investment management: Todd Combs departing; Ted Weschler continuing
The Todd Combs Departure
Perhaps more surprising than Hamburg's planned retirement was the earlier announcement that Todd Combs, one of Buffett's two investment lieutenants, is leaving to become CEO of JPMorgan's asset and wealth management division.
Combs joined Berkshire in 2010 and was widely viewed as a potential Buffett successor. His departure to lead a major Wall Street division suggests the gravitational pull of the post-Buffett Berkshire may not be as strong as once assumed.
What Changes—and What Doesn't
For Berkshire shareholders, the key question is whether the company's investment philosophy will survive its founder. Several factors suggest continuity:
Decentralized structure: Berkshire's subsidiaries operate largely independently. GEICO, BNSF, and Berkshire Hathaway Energy don't need daily guidance from Omaha.
Capital allocation principles: Abel and the remaining leadership have been steeped in Buffett's approach for decades. The discipline around acquisitions, dividends, and share repurchases is deeply institutionalized.
Cash position: Berkshire's $157 billion cash pile provides enormous flexibility for the next generation of leaders.
However, some things will inevitably change:
Investment style: With Combs gone and Weschler as the sole remaining portfolio manager, Berkshire's approach to stock picking may evolve.
Communication: Buffett's annual letters and meeting performances are irreplaceable. Abel is respected but lacks his predecessor's folksy charisma.
Deal flow: Buffett's personal relationships have driven many acquisitions. New leadership will need to build their own networks.
Market Implications
Berkshire shares have been remarkably stable through the transition announcements, suggesting investors have confidence in the succession plan. The company's diversified earnings base and fortress balance sheet provide cushion against leadership uncertainty.
Still, some analysts warn that Berkshire without Buffett may trade at lower multiples. The "Buffett premium"—the extra value investors assign to his judgment—will inevitably fade.
The Longer View
Warren Buffett turns 95 in 2025. The transition he's engineering isn't premature—it's arguably overdue. By orchestrating changes now, while he can still guide the process, Buffett is ensuring Berkshire's next chapter begins from a position of strength.
For investors, the message is clear: Berkshire Hathaway is preparing for life after its legendary founder. Whether that life proves as successful as the Buffett era remains the defining question for shareholders in the years ahead.
