Warren Buffett has officially stepped down as CEO of Berkshire Hathaway, appointing Greg Abel as his successor. Abel, who has been with Berkshire since 2000 and previously led Berkshire Hathaway Energy, is expected to maintain the company's decentralized model while guiding its future growth. Buffett will remain as chairman, providing mentorship, and has expressed strong confidence in Abel's leadership. The transition marks a new era for the conglomerate, with some anticipated leadership adjustments but no major upheavals.
Louis Gerstner, credited with transforming IBM from a struggling hardware company into a leading services and software enterprise during his nine-year tenure as CEO, passed away at 83. His strategic shift towards middleware, internet, and e-business, along with cost-cutting and cultural changes, significantly increased IBM's market value and revenue, leaving a lasting legacy in corporate leadership.
Goldman Sachs announced its Managing Director Class of 2025, comprising 638 leaders across 54 offices who have significantly contributed to the firm's success and culture, with a focus on client service, operational excellence, and leadership development.
Goldman Sachs promoted 638 employees to managing director, about 5% more than in 2023, with over 70% from revenue-generating divisions, reflecting a strong year for dealmaking and trading. The new class includes 27% women, with diversity statistics also provided, and the promotions are part of Goldman Sachs' biennial leadership advancement process.
Amazon is experiencing leadership changes in its Devices division, with another senior vice president departing this month, indicating potential shifts or restructuring within the unit.
Apple is undergoing a series of executive changes in anticipation of COO Jeff Williams' retirement, including shifts in leadership for services, health, and hardware divisions, with some internal investigations and evaluations of future roles for key executives.
Apple is reorganizing its leadership team in anticipation of a new focus on health-related products and services, signaling a strategic shift towards health technology.
Target's CEO Brian Cornell will step down in early 2025 after over a decade, with COO Michael Fiddelke set to succeed him amid sluggish sales and recent challenges in the retail environment. Cornell will become executive chair, as the company reports slow sales, a 21% drop in net income, and ongoing efforts to improve performance and manage costs.
Procter & Gamble CEO Jon Moeller is stepping down after four years to become executive chairman, with COO Shailesh Jejurikar set to succeed him as CEO starting January 2026, in a planned leadership transition.
Procter & Gamble announced that Shailesh Jejurikar will succeed Jon Moeller as CEO effective January 1, 2026, with Moeller becoming Executive Chairman. Jejurikar, a long-time P&G leader, has been recognized for his contributions across various regions and categories. The company highlighted a strategic leadership transition aimed at sustaining growth and value creation.
Demis Hassabis, CEO of DeepMind and a key figure in Google's AI efforts, is increasingly central to Google's AI strategy, potentially positioning him as a future CEO. His leadership has evolved from maintaining independence for DeepMind to integrating it more deeply into Google's operations, amid intense competition in AI development, especially against rivals like OpenAI and China. Despite his scientific focus and achievements, including a Nobel Prize, Hassabis faces the challenge of balancing innovation with corporate and ethical considerations as he pushes toward artificial general intelligence.
Boeing has appointed former Lockheed Martin CFO Jay Malave as its new CFO, effective August 15, to help lead its transformation and improve its financial stability, succeeding Brian West who will remain in an advisory role.
Renault Group CEO Luca de Meo announced his resignation after five years, marking another upheaval for Alpine and Renault's restructuring efforts, with de Meo set to join luxury firm Kering amid Renault's financial turnaround and ongoing changes in its F1 team.
