Berkshire, start of maxi reorganisation (waiting for Buffett's farewell)

Berkshire Hathaway has announced a number of management changes ahead of the departure of CEO Warren Buffett later this year. Among others, Todd Combs, investment manager and CEO of Geico, an insurance company owned by the conglomerate, is leaving. Combs, 54, will join JPMorgan Chase as head of the bank's new Security and Resiliency Initiative, aimed at finding direct equity investments in the defence, aerospace, healthcare and energy sectors.

Combs "resigned to accept an interesting and important position at JPMorgan," Buffett, 95, said in a Berkshire press release. "Todd made many excellent hires at Geico and broadened its horizons; JPMorgan, as usual, made a good decision."

Other notable changes at Berkshire include the retirement, effective June 2027, of Chief Financial Officer Marc Hamburg, who worked for Buffett for 40 years. He will be succeeded by Charles Chang, the current Cfo of Berkshire Hathaway Energy. Nancy Pierce, Chief Operating Officer of Geico, will replace Combs as CEO of the insurance company.

The conglomerate also announced that the CEO of its NetJets unit, Adam Johnson, will take on the new role of president of Berkshire's consumer products, services and retail business.

These changes precede the most important transition in the holding company's history, namely Buffett's retirement at the end of the year. Greg Abel will take his place and to ensure a smooth succession the financial guru will continue to hold a "significant amount" of Class A shares until shareholders are comfortable with the new leader. "A level of confidence I don't think it will take long to reach," Buffett wrote in his latest Thanksgiving letter. Abel has not yet unveiled his plans, but the releases indicate that he has already begun to stamp his mark behind the scenes.