Berkshire Hathaway Inherits Jazwares as Judd Zebersky Exits Leadership
When Berkshire Hathaway acquired Alleghany Corporation in the fourth quarter of 2022, it inherited Jazwares as part of the deal. The toy company, founded by Judd Zebersky after he left a law practice in the late 1990s, had by then established itself as one of the more recognized names in the industry, with Squishmallows driving a significant portion of its cultural visibility.
How the Capital Structure Came Together
Alleghany Capital Corporation first took a stake in Jazwares in 2014, followed by a majority interest in 2016. Both investments were structured to preserve Judd Zebersky’s authority over daily operations, allowing him to continue building the business without ceding strategic control. That arrangement held through the Berkshire transition as well. Judd Zebersky remained at the helm until March 20, 2026, when he formally stepped down. COO David Neustein, who had been with the company for 14 years, assumed the CEO title on March 23, 2026.
The Jazwares that Berkshire inherited was a product of deliberate decisions made across nearly three decades. Zebersky had no toy industry background when he started. He earned his JD from the University of Miami School of Law, built a law practice, and then walked away from it to pursue consumer products. In 1997, he flew to China and spent months in factories, learning the physical craft of toy manufacturing from the inside. That foundation informed the company’s early licensing strategy, covering properties like Minecraft, Fortnite, and Sonic the Hedgehog, and its later acquisitions of Wicked Cool Toys in 2019 and Kellytoy in 2020.
The Squishmallows Effect
Kellytoy brought Squishmallows, and Squishmallows changed the trajectory of Jazwares’ public profile. The plush toy line, featuring characters with unique names, squishdays, and personal bios, became a viral phenomenon on TikTok. More than 100 million units sold in a single year. Lady Gaga and Kim Kardashian were among the celebrity fans who brought additional media attention to the brand. Judd Zebersky left a company with roughly 1,400 employees, products in more than 100 countries, and honors from TIME, Fast Company, and Fortune on the record. See related link for more information.
Learn more about Judd Zebersky on https://www.jazwares.com/about-us/leadership