Abel’s reshaping creates new roles, including a general counsel and a manager to oversee Berkshire’s extensive retail and consumer operations, while he concentrates on manufacturing, utilities and industrials.

Class A Berkshire shares fell roughly 2% in late-morning trading following the leadership announcements.

Context on Todd Combs’ nine-year tenure at Berkshire highlights his role in expanding Geico and the implications of his move for Berkshire’s portfolio under new leadership.

Michael O’Sullivan will assume senior vice president and general counsel duties on January 1, 2026, joining from Snap after a long tenure at Munger, Tolles & Olson.

Berkshire Hathaway unveils a broad leadership reshaping as Warren Buffett steps back, with Todd Combs leaving Berkshire to join JPMorgan Chase and Greg Abel preparing to become CEO in January 2026.

Greg Abel will shift from leading Berkshire’s non‑insurance units to becoming CEO, signaling a top‑level succession plan that emphasizes an integrated, hands-on approach.

Observers expect Abel to extract more value from Berkshire’s portfolio and guide a more integrated, active management style than Buffett’s era.

Uncertainty remains about the future roles of Ajit Jain and Ted Weschler, and how Abel will manage the $300+ billion stock portfolio given Combs and Weschler’s prior involvement.

The initiative also features an advisory council chaired by Jamie Dimon, with members such as Jeff Bezos, Michael Dell, and Condoleezza Rice to guide strategy.

JPMorgan’s global effort includes appointing a diverse council, including leaders from tech, business, and government, to shape its Security and Resilience Initiative.

Post‑reshuffle, non‑insurance units such as BNSF, Berkshire Hathaway Energy, Pilot, and McLane will remain under Abel’s direct oversight to maintain continuity and modernization.

Adam Johnson, NetJets CEO, is promoted to oversee Berkshire’s consumer, service, and retail businesses, aligning Abel’s leadership framework with hands-on experience across Brand Berkshire.

Insurance and non‑insurance operations will see changes, with Michael O’Sullivan named as general counsel in a newly created role, and non‑insurance businesses staying under Abel’s oversight after he becomes CEO.

The changes reflect a broad internal reshaping across Berkshire’s brands, including familiar names like Dairy Queen and Duracell, aimed at continuity and growth under new leadership.

Berkshire stresses culture and governance throughout the transition, aligning Abel’s leadership with Buffett’s enduring vision while detailing the transition timeline and executive roles.

JPMorgan’s strategic initiatives include a Sustainability and Resilience agenda with a $10 billion commitment and an external advisory council; Combs will participate as a member of this council.