Archive · 24 Nov 2025
Replacing Iconic CEOs: Challenges Ahead for Apple, Walmart, and Berkshire Hathaway
Big companies like Apple, Walmart, and Berkshire Hathaway are looking for new leaders after their successful CEOs leave.
Finding good replacements is hard because these CEOs have done such a great job.
Companies need to plan early and consider outsiders to find the best new leaders.
Tim Cook's departure from Apple may be imminent, following a successful 12-year tenure
Doug McMillon is set to step down from Walmart after nearly 12 years, with a successor announced
Warren Buffett is retiring from Berkshire Hathaway after six decades, with a successor yet to be named
Long-serving CEOs, or 'marathoners', often leave behind challenging legacies for their successors
Companies struggle to find worthy replacements, with many internal hires underperforming their predecessors
- Who
- Tim Cook (Apple), Doug McMillon (Walmart), Warren Buffett (Berkshire Hathaway)
- What
- Stepping down as CEOs
- When
- Tim Cook possibly next year, Doug McMillon in January, Warren Buffett soon
- Where
- Apple, Walmart, Berkshire Hathaway
- Why
- To plan for succession and prepare for the future
Internal Candidates
External Candidates
Proximity to Company Culture
Internal Candidates
Better understanding of company culture and dynamics
External Candidates
May struggle to adapt to new culture or bring fresh perspectives
Proven Track Record
Internal Candidates
May have a proven track record within the company
External Candidates
External candidates may have broader experience and skills
Fresh Perspectives
Internal Candidates
May lack fresh ideas and perspectives
External Candidates
Can bring new ideas and approaches to the company
- Tenure
- Tim Cook: 12 years, Doug McMillon: nearly 12 years, Warren Buffett: 6 decades
- Success
- Tim Cook: Increased annual sales from $108bn to $416bn, operating profit from $34bn to $133bn, market cap from $350bn to $4trn. Doug McMillon: Steered Walmart through international expansion, pandemic, and digital reinvention. Warren Buffett: Grew Berkshire Hathaway to a $1trn investment powerhouse.
- Average CEO Tenure
- Fell from 11 years in 2021 to 8 years in 2024
- Marathoner CEOs
- Nearly 1 in 5 S&P 500 companies led by CEOs serving a decade or more
- Successor Performance
- 66% of internal hires generated lower total returns than their predecessors, and nearly half trailed the S&P 500
