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 executive shakeups ahead of Warren Buffett’s departure this year, including Geico CEO Todd Combs, who is heading to JPMorgan Chase.

Combs, 54, will lead JPMorgan’s new Security and Resiliency Initiative, where he will have $10 billion to start launching investments in defense, aerospace, health care and energy.

The hedge fund manager came to Berkshire in 2010 to help manage the conglomerate’s portfolio of investments. He liquidated his hedge fund, Castle Point, before he joined the firm.

He is giving up his seat on JPMorgan’s board, which he has held since 2016, as he takes on the new role, where he will also serve as a special 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 will ultimately commit $1.5 trillion to the Security and Resiliency Initiative to stimulate the economy 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 provide input 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 statement. 

“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 operating officer at Geico, was named as the company’s new chief executive, effective immediately. She has been at the company since 1986.

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, currently the chief financial officer of Berkshire’s energy division, will succeed Hamburg.

Berkshire also announced that Adam Johnson, CEO of its NetJets unit — a private jet company — will take on a new role as president of the conglomerate’s consumer products, service and retailing businesses.

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

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

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

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

Shares in the conglomerate are up about 11% so far this year, below the S&P 500’s 17% return.

Buffett has said he is still in good health, but in a Thanksgiving message, he noted that he is moving slowly and reading with “increased difficulty.”