Warren Buffett is stepping down as Berkshire Hathaway CEO. It's one of several big C-suite shake-ups in 2026.
- - Warren Buffett is stepping down as Berkshire Hathaway CEO. It's one of several big C-suite shake-ups in 2026.
Brooke DiPalmaJanuary 1, 2026 at 1:56 AM
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Investing legend and Berkshire Hathaway CEO Warren Buffett is handing off the reins at the conglomerate he founded on Jan. 1, 2026.
The Oracle of Omaha is far from the only big-name executive moving away from the top spot next year, with the retail industry seeing a raft of notable shakeups at some of America's most recognizable brands.
At Walmart (WMT), Target (TGT), and Lululemon (LULU), among other consumer names, CEOs who have served for years are stepping down and making way for new executives.
“The skill set required for the future is not the same as the past,” TD Cowen analyst Oliver Chen told Yahoo Finance.
In particular for retail, Chen added that there’s a growing need for supply chain expertise in light of President Trump’s tariffs, as well as a pulse on technology as Amazon and TikTok continue to change consumers' habits.
“Retail is harder than ever; it is a fiercely competitive sector," Chen said.
Walmart
Walmart CEO Doug McMillon announced in November that he will retire on Jan. 31, 2026.
Outgoing Walmart CEO Doug McMillon speaks before the opening bell at the Nasdaq Marketsite on December 09, 2025 in New York City. (Photo by Michael M. Santiago/Getty Images) (Michael M. Santiago via Getty Images)
McMillon has led the retail giant since Feb. 1, 2014. The company has reported more than four straight years of same-store sales growth.
Walmart's market cap has risen from around $250 billion when McMillon took over to north of $800 billion today. Walmart's current US CEO, John Furner, will be the company's next CEO.
Target
Target CEO Brian Cornell, who has served at the helm of the retailer for 11 years, will also retire on Feb. 1, 2026.
Cornell's tenure has seen Target face more challenges than its larger rival, with flagging sales over the last several years resulting in sweeping executive changes at the company.
COO Michael Fiddelke, who has been with the company since 2003, will take over for Cornell, but he's already started reshaping the retailer.
In a memo in October, Fiddelke outlined Target's three key priorities: strengthening its retail leadership in style and design, the guest experience, and technology. That was alongside plans to eliminate 8% of corporate roles in the US. Analysts called the layoffs a necessary step in the turnaround attempt.
The pressure, though, is piling on Fiddelke even prior to his ascension: Activist investor Toms Capital Investment Management acquired a stake in the company last week.
Michael Fiddelke speaks as Target opens "Target SoHo" - a design-forward shoppable concept store in SoHo, New York on December 08, 2025 in New York City. (Photo by Bryan Bedder/Getty Images for Target) (Bryan Bedder via Getty Images)Lululemon
Athleisure retailer Lululemon is also getting a new CEO in 2026. Who will take over at the top of the company remains to be seen.
CEO Calvin McDonald joined the company in August of 2018, expanding the well-known yoga brand to other categories like running shoes and a more recent collaboration with the NFL.
The company's CFO, Meghan Frank, and its chief commercial officer, André Maestrini, will serve as interim co-CEOs until a replacement for McDonald is named. Like Target, the company is also facing pressure from investors after a period of challenging sales and stock performance.
Elliott Investment Management took a $1 billion stake in the brand and is pushing for former Ralph Lauren executive Jane Nielsen to be at the helm. In late December, Lululemon founder Chip Wilson launched a proxy fight, nominating three candidates to join the board as the CEO search continues.
McDonald is set to leave the company at the end of January.
Over the last five years, Lululemon stock is down almost 40%.
Coca-Cola, P&G, and more
The consumer leadership shakeup in 2026 will expand beyond big box retailers and one of the most notable apparel brands in the market.
In December, Coca-Cola (KO) announced that its CEO, James Quincey, would step down after nearly nine years running the company. Quincey will be replaced by the company's current COO, Henrique Braun, on March 31. During Quincey's tenure, Coke stock has outperformed rival PepsiCo (PEP) by about 40 percentage points.
James Quincey, the CEO of The Coca-Cola Company, rings the opening bell at the New York Stock Exchange (NYSE) in New York, U.S., December 9, 2019. REUTERS/Brendan McDermid (REUTERS / Reuters)
At Procter & Gamble (PG), Shailesh Jejurikar will take over as CEO on Jan. 1 following a four-plus-year run from Jon Moeller. Jejurikar joined P&G in 1989.
While Ramon Laguarta remains in PepsiCo's top role heading into 2026, the company in December announced several high-profile shifts among its leadership team, including the announcement of new CEOs for its North America and Latin America businesses. The shake-up followed its own settlement with Elliott Management, which will see PepsiCo look to clean up its product line and cut costs.
In the tech world, this year's leadership change at Intel (INTC) served as the most notable C-suite shift, with Lip-Bu Tan taking over after Pat Gelsinger was ousted in late 2024.
And at Apple, while CEO Tim Cook remains in the top role, several of his key deputies were turned over during the second half of the year.
Brooke DiPalma is a reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at [email protected].
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