Warren Buffett to Step Down as CEO of Berkshire Hathaway
Warren Buffett, at 95 years old, announced he will step down as CEO of Berkshire Hathaway (NYSE: BRK.A, BRK.B) at the end of the year, concluding a 60-year tenure. Greg Abel, currently vice chair of Berkshire’s non-insurance operations, has been appointed as the new CEO. This transition is expected to bring significant changes within the company’s management structure.
Key management shifts accompany Buffett’s exit, including Todd Combs leaving to lead JPMorgan’s new $10 billion Strategic Investment Group, which aims to invest in U.S. growth. The changes also include Adam Johnson becoming president of Berkshire’s consumer products and retail sector, and Nancy Pierce taking over as CEO of GEICO. Combs’ departure is notable as he managed part of Berkshire’s $312 billion equities portfolio and has been a key figure in major investments in companies like Amazon and Visa.
