Todd Combs, one of Warren Buffett’s closest investment deputies and the CEO of Berkshire-owned Geico, is leaving Berkshire Hathaway to take up a major role at JPMorgan, marking one of the most significant executive departures ahead of Buffett’s retirement as CEO.
Combs will lead JPMorgan’s new $10 billion Strategic Investment Group, part of the bank’s Security and Resiliency Initiative, built to accelerate innovation, manufacturing capacity, and corporate growth in the U.S.
Buffett confirmed the exit in a statement, noting that Combs “has resigned to accept an interesting and important job at JPMorgan.” He praised Combs’ leadership at Geico, calling JPMorgan’s hire “a good decision.”
Combs joined Berkshire in 2010 as one of the two managers overseeing its massive $300 billion equity portfolio. He took over Geico in early 2020 and is widely credited for steering the insurer into a strong rebound after pandemic-era losses.
His departure comes as Berkshire prepares for Greg Abel to succeed Buffett in early 2026. The company rolled out several leadership changes:
• Nancy Pierce, Geico’s operating chief, becomes the new CEO of Geico.
• Adam Johnson, CEO of NetJets, becomes president of Berkshire’s consumer products, services, and retailing segment.
• Abel will now oversee all other non-insurance businesses, including BNSF Railway and Berkshire Hathaway Energy.
• Marc Hamburg, Berkshire’s longtime finance chief, will retire in June 2027 after 40 years.
• Charles Chang, BHE finance chief, will replace Hamburg in June 2026.
• Michael Sullivan, Snap’s general counsel and a longtime Munger family associate, joins as senior vice president and general counsel.
The reshuffle signals the most decisive shift in Berkshire’s leadership since Charlie Munger’s passing in 2023 and underscores Buffett’s ongoing succession planning.
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