Berkshire Hathaway's Todd Combs, investment lieutenant to Buffett and Geico CEO, is leaving for JPMorgan

Warren Buffett's Berkshire Hathaway announced a fig of structural changes earlier the legendary CEO steps speech astatine the extremity of this year, among them the departure of Todd Combs, concern serviceman and Geico CEO.

Combs, 54, volition beryllium joining JPMorgan Chase, wherever helium already served connected the board, arsenic caput of the bank's caller Security and Resiliency Initiative, to find nonstop equity investments successful the defense, aerospace, healthcare and vigor industries.

Combs "has resigned to judge an absorbing and important occupation astatine JPMorgan," said Buffett, 95, successful a property merchandise from Berkshire. "Todd made galore large hires astatine GEICO and broadened its horizons. JPMorgan, arsenic usually is the case, has made a bully decision."

Combs joined Berkshire successful 2010 from his hedge money Castle Point and was brought in, on with Ted Weschler, to assistance negociate Berkshire's portfolio of investments. Buffett is handing implicit the CEO reins to Greg Abel successful 2026 and Combs' departure leaves immoderate questions arsenic to however the sizable equity holdings of Berkshire, which see Apple, Bank of America and Coca-Cola, volition proceed to beryllium managed erstwhile helium steps down.

Among immoderate of the different notable changes astatine Berkshire are the status of main fiscal serviceman Marc Hamburg, who served nether Buffett for 40 years. Charles Chang, existent CFO of Berkshire Hathaway Energy volition regenerate him. Nancy Pierce, main operating serviceman of Geico, volition regenerate Combs arsenic CEO of Geico.

The conglomerate besides said the CEO of its NetJets unit, Adam Johnson, volition service successful a caller relation arsenic president of Berkshire's user products, work and retailing businesses. Abel volition straight oversee the remaining non-insurance businesses, Berkshire said.

Combs, who is leaving the JPMorgan committee effectual immediately, volition besides service arsenic a peculiar advisor to CEO Jamie Dimon.

"Todd Combs is 1 of the top investors and leaders I've known, having successfully managed investments alongside the astir respected and palmy semipermanent capitalist of our time, Warren Buffett," said Dimon successful a release. "Having served 9 years connected our Board, helium genuinely understands each aspects of our company, and helium supports the relation we play helping marque the satellite amended and safer for each its citizens."

Combs volition person $10 cardinal to deploy to commencement with for JPMorgan's caller initiative, which the slope said volition yet perpetrate $1.5 trillion to spur economical maturation "make the satellite much secure."

The Security and Resiliency Initiative volition person an extracurricular assembly to usher its strategy which includes, Amazon's Jeff Bezos, Dell Chairman Michael Dell, erstwhile Secretary of Defense Robert Gates and erstwhile Secretary of State Condoleezza Rice.

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