JPMorgan Chase Snags Todd Combs From Berkshire Hathaway -- 2nd Update

By Colin Kellaher

JPMorgan Chase has plucked Todd Combs, one of Warren Buffett's top lieutenants, from Berkshire Hathaway to join the bank's recently launched $1.5 trillion security-and-resiliency initiative.

JPMorgan on Monday said Combs, Berkshire's investment manager and chief executive of its Geico insurance unit, will head the initiative's $10 billion strategic-investment group and act as a special adviser to Chairman and CEO Jamie Dimon.

"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.

Buffett, Berkshire's chairman, said Combs is leaving to accept "an interesting and important job at JPMorgan," adding, "JPMorgan, as usually is the case, has made a good decision."

JPMorgan in October said it had committed to facilitating $1.5 trillion in investments for companies deemed "critical to national economic security and resiliency" over the next 10 years, including plans to directly invest $10 billion in companies it deems critical to U.S. national security. The bank on Monday said Combs will lead its efforts to make the direct equity investments.

Combs, who had been a JPMorgan board member since 2016, has stepped down as a director and will join the New York bank next month.

Berkshire said Nancy Pierce, who had been Geico's chief operating officer, succeeds Combs at the helm of the insurer. Pierce has been with Geico since 1986.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

12-08-25 0705ET