Berkshire Hathaway’s Todd Combs, investment lieutenant to Buffett and Geico CEO, is leaving for JPMorgan
Todd Combs, portfolio manager and investment officer of Berkshire Hathaway Inc., arrives for the morning session of the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Friday, July 12, 2019.
Patrick T. Fallon / Bloomberg / Getty Images
Warren Buffett’s Berkshire Hathaway announced a number of structural changes before the legendary CEO steps aside at the end of this year, among them the departure of Todd Combs, investment officer and Geico CEO.
Combs, 54, is leaving for a role at JPMorgan Chase, where he already serves on the board.
Combs “has resigned to accept an interesting and important job at JPMorgan,” said Buffett, 95, in a press release from Berkshire. “Todd made many great hires at GEICO and broadened its horizons. JPMorgan, as usually is the case, has made a good decision.”
Buffett is handing over the CEO reins to Greg Abel in 2026. Combs joined Berkshire in 2010 from his hedge fund Castle Point and was brought in, along with Ted Weschler, to help manage Berkshire’s portfolio of investments.
JPMorgan said Combs will be joining in January to head the investing for the bank’s new Security and Resiliency Initiative, to find investments in the defense, aerospace, healthcare and energy industries. The investor, who is stepping down from the JPMorgan board effective immediately, will also serve as a special advisor to CEO Jamie Dimon.
This is a developing story. Check back for updates.
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