Economy

Berkshire Hathaway Investment Manager Todd Combs to Join JPMorgan

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Dec 9, 2025

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Berkshire Hathaway has announced that Todd Combs, an investment manager for the firm and the CEO of its subsidiary Geico, is departing to take a new role at JPMorgan Chase. Combs is set to lead JPMorgan's new Security and Resiliency Initiative, where his responsibilities will include sourcing direct equity investments in the defense, aerospace, healthcare, and energy sectors.

In a press release, Berkshire Hathaway CEO Warren Buffett, 95, stated that Combs had resigned for an "interesting and important job" and praised his contributions to the company. JPMorgan CEO Jamie Dimon said in a statement that he considers Combs "one of the greatest investors and leaders" he has known, noting Combs' prior experience on JPMorgan's board. Combs, who joined Berkshire in 2010, is leaving his board seat at JPMorgan for the new position and will also act as a special advisor to Dimon.

Combs' departure is one of several leadership changes at Berkshire Hathaway as Buffett prepares to step down as CEO at the end of this year. Greg Abel has been named as his successor, expected to take the role in 2026, while Buffett will remain chairman. Other announced changes include Nancy Pierce, Geico’s COO, who will become the company’s new CEO.

According to the bank, the new initiative at JPMorgan will begin with $10 billion and aims to eventually commit $1.5 trillion to promote economic security and growth. An outside council will advise the initiative, with members including Jeff Bezos, Michael Dell, Robert Gates, and Condoleezza Rice.

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• Combs' departure is part of a significant leadership shuffle at Berkshire Hathaway. The move comes as the company prepares for CEO Warren Buffett to step down at the end of this year. The article notes that this is one of several leadership changes, with Greg Abel designated as Buffett's successor in 2026.

• Berkshire Hathaway is losing a dual-role executive. Todd Combs, who joined the firm in 2010, served as both an investment manager for Berkshire Hathaway and as the CEO of its subsidiary, Geico. His departure requires the company to fill key leadership positions in both its investment and operational divisions.

• The company has publicly addressed the departure and succession. In a press release, Berkshire CEO Warren Buffett described Combs' new role as "interesting and important" and praised his past contributions. The company also announced that Geico's current COO, Nancy Pierce, will be promoted to become the new CEO of the subsidiary.

How it may affect me

As a U.S. reader:

• JPMorgan’s new initiative plans large investments in healthcare and energy, which could influence the availability, cost, or innovation of these services over the long term.

• Geico policyholders may experience eventual changes in insurance products or pricing, as the company’s current COO is stepping in to become the new CEO.

• Major investments in defense and aerospace sectors could affect national security-related industries and the markets that support them, though specific public impacts are not detailed.

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