Warren Buffett’s Berkshire Hathaway just unveiled a series of major structural changes as the legendary CEO prepares to step aside at the end of this year — and one of the biggest moves is the departure of Todd Combs, longtime investment manager and CEO of Geico.
Combs, 54, is leaving Berkshire to join JPMorgan Chase as head of the bank’s new Security and Resiliency Initiative, where he’ll focus on direct equity investments across defence, aerospace, health care, and energy.
“Todd has resigned to accept an interesting and important job at JPMorgan,” Buffett, 95, said in a Berkshire press release. “Todd made many great hires at Geico and broadened its horizons. JPMorgan, as is usually the case, has made a good decision.”
Combs has been a key figure at Berkshire since he joined in 2010 from hedge fund Castle Point. Brought in alongside Ted Weschler, he helped oversee Berkshire’s massive investment portfolio. With Buffett set to hand over the CEO role to Greg Abel in 2026, Combs’ exit raises new questions about the future management of Berkshire’s multibillion-dollar equity stakes — including major holdings in Apple, Bank of America, and Coca-Cola.
More Big Changes Inside Berkshire
Berkshire also announced several executive shifts:
- Marc Hamburg, Chief Financial Officer for 40 years, will retire in June 2027.
Charles Chang, CFO of Berkshire Hathaway Energy, will succeed him. - Nancy Pierce, Geico’s chief operating officer, will replace Combs as CEO of Geico.
- Adam Johnson, CEO of NetJets, will move into a newly created role as president of Berkshire’s consumer products, services, and retail businesses.
- Greg Abel will directly oversee Berkshire’s remaining noninsurance units.
JPMorgan’s $1.5 Trillion Vision
In addition to leading the new initiative, Combs — who currently serves on JPMorgan’s board — will become a special advisor to CEO Jamie Dimon. He will give up his board seat as he transitions into the new role.
Dimon praised the hire, saying:
“Todd Combs is one of the greatest investors and leaders I’ve known… He truly understands all aspects of our company and the role we play in making the world better and safer.”
Combs will start with $10 billion to deploy, but JPMorgan says the initiative will ultimately grow into a $1.5 trillion commitment aimed at boosting economic growth and strengthening global security.
The program will be supported by an outside strategy council that includes some major heavyweights:
- Jeff Bezos (Amazon founder)
- Michael Dell (Dell Technologies chairman)
- Robert Gates (former U.S. Secretary of Defence)
- Condoleezza Rice (former U.S. Secretary of State)
Buffett’s Upcoming Exit Still Weighs on Investors
Despite being 95, Buffett surprised shareholders during Berkshire’s annual meeting in May when he officially confirmed he’ll step aside for Greg Abel, 63, who currently serves as vice chairman of noninsurance operations.
Berkshire’s stock has lagged the market this year, partly due to uncertainty over what the company will look like after Buffett, the man who transformed a struggling textile mill in 1965 into one of the most successful investment empires in history.
Berkshire shares are up 11% year-to-date, trailing the S&P 500’s 17% gain. Buffett, who will remain chairman, said in a Thanksgiving message that he still feels good — though he’s moving more slowly and reading with “increasing difficulty.”
