Berkshire Hathaway is undergoing one of its biggest leadership shake-ups in years as longtime investment manager Todd Combs exits to join JPMorgan Chase — just as Warren Buffett prepares to step down as CEO.
Why this matters
Buffett, the iconic investor who has led Berkshire for decades, plans to retire at the end of the year. These leadership moves signal how the company is bracing for a post-Buffett future and trying to keep its vast empire stable during the transition.
What’s happening
Alongside Combs’ surprise departure, Berkshire announced a series of major leadership changes on Monday:
- Adam Johnson, currently the CEO of NetJets, will become president of Berkshire’s consumer products, services, and retailing operations.
- Nancy Pierce has been named CEO of Geico, replacing Combs.
- Marc Hamburg, Berkshire’s longtime CFO, will retire in June 2027. Charles Chang is set to take over as CFO in June 2026, giving the company a long runway for the handoff.
Zoom in
Combs joined Berkshire in 2010 after Buffett recruited him from a small hedge fund. Working alongside Ted Weschler, he helped oversee Berkshire’s massive investment portfolio, including its hugely successful bet on Apple.
Now, Combs is making a major move to JPMorgan. There, he’ll run the bank’s $10 billion strategic investment group, part of its new $1.5 trillion “Security and Resiliency Initiative.” The initiative is aimed at strengthening U.S. manufacturing and driving domestic innovation.
Combs resigned from JPMorgan’s board to accept the new position, which begins in January.
JPMorgan CEO Jamie Dimon praised the hire, saying:
“Todd Combs is one of the greatest investors and leaders I’ve known, having successfully managed investments alongside the most respected long-term investor of our time, Warren Buffett.”
One more thing
JPMorgan also unveiled an advisory council for the new initiative — and it’s stacked with high-profile names. Jamie Dimon will chair the group, which includes:
- Jeff Bezos
- Michael Dell
- Ford CEO Jim Farley
- Former House Speaker Paul Ryan
- Former Secretary of State Condoleezza Rice
- …and several other major figures
This move marks a pivotal moment for both Berkshire and JPMorgan — and sets the stage for a new era in America’s financial and corporate landscape.
