Todd Combs, a key figure at Berkshire Hathaway and CEO of Geico, is leaving the conglomerate to join JPMorgan Chase, where he will run a new Security and Resiliency Initiative. This ambitious program, initially funded at $10bn, aimed at $1.5 trillion over the long term, will target the defense, energy, healthcare, and aerospace sectors. Aged 54, Combs will work directly with Jamie Dimon and will be supported by an external advisory board including Jeff Bezos, Michael Dell, Robert Gates and Condoleezza Rice.
After joining Berkshire in 2010, Todd Combs was one of two portfolio managers alongside Warren Buffett, overseeing major investments in Apple, Coca-Cola and Bank of America. His departure comes as Berkshire prepares its post-Buffett transition, planned for end-2025, with Greg Abel set to succeed him. Nancy Pierce, Geico's current Chief Operating Officer, will lead the insurer, while other internal reorganizations are underway, including the future appointment of Charles Chang as CFO in 2027.
This strategic realignment underscores the succession challenges facing Berkshire Hathaway. Despite solid stock performance (+11% since January), the group is lagging the S&P 500 (+17%) and must reassure investors about governance continuity. Warren Buffett, aged 95, will retain chairmanship of the board, although he has acknowledged a declining physical condition. Combs' departure, praised by Buffett and Dimon, marks a turning point in the trajectory of the iconic conglomerate.
