Todd Combs, one of Warren Buffett's investment assistants and CEO of GEICO, outgoing Berkshire HathawayBRK-B, BRK-A) And joining JPMorgan Chase (DPM) in a new role as part of a major shake-up at both firms.
Combs is leaving Berkshire Hathaway to take the reins at GEICO, leading the bank's new investment group as part of a broader safety and sustainability initiative announced in October.
Combs will report directly to JPMorgan CEO Jamie Dimon and will step down from the company's board of directors, where he has served since 2016. Combs will also serve as special counsel to Dimon and the bank's operating committee.
“Todd Combs is one of the greatest investors and leaders I know,” Dimon said in a statement. “Having served on our board for nine years, he truly understands every aspect of our company.”
“JPMorgan, as always, made the right decision,” Warren Buffett said in a press release issued by Berkshire Hathaway.
Buffett and Dimon maintained a friendly relationship for many years, with Dimon often visiting Buffett in Omaha, Nebraska. Buffett stopped traveling several years ago and has been known to appear at JPMorgan events in New York, according to a person familiar with the matter.
“Security and Resiliency” JPMorgan The initiative calls for the bank to commit $1.5 trillion in financing and lending. Strengthen America's interests in supply chains, technology capabilities, and industrial sustainability. It also includes a $10 billion pool dedicated to strategic venture capital and equity investments for companies in artificial intelligence, mining and defense manufacturing.
JPMorgan also unveiled a star-studded external advisory board, chaired by Dimon, that will advise on the broader national security initiative. The group includes Amazon founder Jeff Bezos, Dell founder Michael Dell, former Secretary of State Condoleezza Rice and several former defense, intelligence and industrial executives.
“We're a pretty patriotic company, and then we just started asking, what else can we do?” Dimon said during a fireside chat over the weekend at a defense conference held at the Ronald Reagan Presidential Library.
“We will have partners – a lot of people. If necessary, we will cooperate with other banks,” he added.
The move also comes as Berkshire announces a broader leadership shakeup ahead of a planned CEO change later this month, with Greg Abel set to take over from Buffett on Jan. 1.
Berkshire announced that GEICO Chief Operating Officer Nancy Pierce will succeed Combs as CEO in January. Berkshire also announced it would name Michael O'Sullivan as its first general counsel next month and revealed CFO Mark Hamburg's plans to retire in mid-2027.
