Warren Buffett’s decision to step down as chief executive of Berkshire Hathaway marks one of the most significant leadership changes in decades and sits at the center of a broader wave of C-suite transitions expected across major US companies in 2026.
Buffett, widely known as the “Oracle of Omaha,” will hand over the CEO role at Berkshire Hathaway on Jan. 1, 2026, ending an era that defined modern investing. His departure is far from isolated. Across retail, consumer goods and technology, long-serving executives are making way for new leadership as companies adapt to shifting economic, technological and policy conditions.
“The skill set required for the future is not the same as the past,” TD Cowen analyst Oliver Chen said, pointing to the growing importance of supply-chain expertise amid President Trump’s tariff policies and rapid changes in consumer behavior driven by platforms such as Amazon and TikTok.
Berkshire Hathaway signals end of an era
Buffett’s transition caps a historic tenure that turned Berkshire Hathaway into one of the world’s most influential conglomerates. While succession planning at Berkshire has long been telegraphed to investors, the formal handoff underscores a generational shift in corporate leadership at a time of heightened market and policy uncertainty.
Retail giants prepare for leadership turnover
Retail is emerging as one of the sectors most affected by executive turnover. At Walmart, CEO Doug McMillon will retire on Jan. 31, 2026, after more than a decade at the helm. McMillon has led the company since 2014, overseeing more than four consecutive years of same-store sales growth and an expansion in market capitalization from roughly $250 billion to over $800 billion. Current US CEO John Furner is set to succeed him.
Target is also preparing for change, with CEO Brian Cornell stepping down on Feb. 1, 2026, after 11 years. Cornell’s tenure was marked by operational challenges and uneven sales performance. Chief Operating Officer Michael Fiddelke will take over, already having launched a restructuring plan focused on design leadership, customer experience and technology, alongside an 8% reduction in US corporate roles. The pressure on Target’s new leadership has intensified following a recent stake acquisition by activist investor Toms Capital Investment Management.
Lululemon faces investor pressure amid CEO search
Athleisure brand Lululemon is also entering a transition period. CEO Calvin McDonald will leave the company at the end of January after more than seven years in the role, during which the brand expanded beyond yoga apparel into footwear and sports partnerships, including a collaboration with the NFL.
Until a permanent successor is named, CFO Meghan Frank and chief commercial officer André Maestrini will serve as interim co-CEOs. The leadership change comes as Lululemon faces investor scrutiny following weak sales momentum and a sharp decline in its share price, which is down nearly 40% over the past five years. Elliott Investment Management has taken a $1 billion stake and is pushing for governance changes, while founder Chip Wilson has launched a proxy fight as the CEO search continues.
Consumer staples reset leadership benches
Beyond retail, several major consumer companies are also reshaping their leadership teams. Coca-Cola announced in December that CEO James Quincey will step down after nearly nine years, with COO Henrique Braun set to take over on March 31. During Quincey’s tenure, Coca-Cola shares outperformed rival PepsiCo by roughly 40 percentage points.
At Procter & Gamble, Shailesh Jejurikar will assume the CEO role on Jan. 1, succeeding Jon Moeller after more than four years. Jejurikar is a long-tenured executive, having joined the company in 1989.
PepsiCo, while retaining CEO Ramon Laguarta, has announced multiple senior leadership changes across its regional businesses following a settlement with activist investor Elliott Management, signaling a renewed focus on cost discipline and portfolio simplification.
Technology sector reflects broader shift
In technology, leadership changes have already been underway. Intel’s appointment of Lip-Bu Tan as CEO after the removal of Pat Gelsinger in late 2024 stands out as one of the most consequential recent transitions, highlighting the pressure on tech firms to realign strategy amid intensifying global competition.
Taken together, the departures and appointments slated for 2026 reflect a broader recalibration across corporate America, as boards prioritize operational agility, geopolitical awareness and technological fluency in an increasingly complex economic environment.
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