Berkshire Hathaway’s Todd Combs, also CEO of Geico, leaves for JPMorgan ahead of Buffett’s departure

Berkshire Hathaway on Monday announced a slew of government shakeups ahead of Warren Buffett’s departure this 12 months, including Geico CEO Todd Combs, who’s heading to JPMorgan Chase.

Combs, 54, will lead JPMorgan’s new Security and Resiliency Initiative, the place he could have $10 billion to start launching investments in protection, aerospace, health care and power.

The hedge fund supervisor got here to Berkshire in 2010 to help handle the conglomerate’s portfolio of investments. He liquidated his hedge fund, Castle Point, before he joined the firm.

Todd Combs is leaving Berkshire Hathaway and Geico to affix JPMorgan Chase. Bloomberg by way of Getty Images

He is giving up his seat on JPMorgan’s board, which he has held since 2016, as he takes on the new position, the place he’ll also function a particular advisor to CEO Jamie Dimon.

Combs “has resigned to accept an interesting and important job at JPMorgan,” Buffett said in a statement on Monday. “Todd made many great hires at Geico and broadened its horizons. JPMorgan, as usually is the case, has made a good decision.”

The bank said it can finally commit $1.5 trillion to the Security and Resiliency Initiative to stimulate the financial system and “make the world more secure.”

Outside advisers including Amazon founder Jeff Bezos, Dell’s Michael Dell, former Secretary of Defense Robert Gates and former Secretary of State Condoleezza Rice will present enter on the new unit.

“Todd Combs is one of the greatest investors and leaders I’ve known, having successfully managed investments alongside the most respected and successful long-term investor of our time, Warren Buffett,” Dimon said in a assertion. 

“Having served nine years on our board, he truly understands all aspects of our company, and he supports the role we play helping make the world better and safer for all its citizens.”

Nancy Pierce, chief working officer at Geico, was named as the company’s new chief government, efficient instantly. She has been at the company since 1986.

Warren Buffett will hand over the reins of Berkshire Hathaway at the start of 2026. REUTERS

Berkshire’s longtime chief financial officer, Marc Hamburg, is retiring from the company in June 2027 after working under Buffett for 40 years.

Charles Chang, presently the chief financial officer of Berkshire’s power division, will succeed Hamburg.

Berkshire also announced that Adam Johnson, CEO of its NetJets unit — a personal jet company — will tackle a new position as president of the conglomerate’s shopper merchandise, service and retailing companies.

Greg Abel – Buffett’s successor, who is ready to take the helm next 12 months – will run the remaining noninsurance business.

Greg Abel will run the noninsurance business at Berkshire Hathaway. AP

After the round of shakeups, questions stay over how Abel plans to handle the conglomerate’s large holdings like Apple, Bank of America and Coca-Cola.

Though rumors long swirled round his departure, it got here as a shock to shareholders when Buffet said at Berkshire Hathaway’s annual assembly in May that he would ask the board at hand over the reins to Abel. Buffett, 95, will stay as chairman.

Abel, 63, has been Buffett’s inheritor obvious since 2021, however traders have been concerned about losing the “Oracle of Omaha’s” expertise after he led the firm for 55 years and remodeled it from a failing textile maker into a global investment juggernaut.

Shares in the conglomerate are up about 11% to this point this 12 months, below the S&P 500’s 17% return.

Buffett has said he’s still in good health, however in a Thanksgiving message, he famous that he’s shifting slowly and studying with “increased difficulty.”

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