Berkshire Hathaway stock picker Todd Combs to depart for JPMorgan

Berkshire Hathaway Inc on Monday said longtime stock picker Todd Combs will leave the insurance and industrial conglomerate to take up a new role at lender JPMorgan Chase & Co, triggering a series of senior leadership changes across the group.

Since 2020, Combs also has been chief executive of Chevy Chase, Maryland-based Geico, the US's third-largest auto insurer and wholly owned by Berkshire Hathaway. He will "conclude his tenure" at Berkshire before joining JPMorgan, where he has served on the board since 2016.

"Combs has resigned to accept an interesting and important job at JPMorgan...Todd made many great hires at Geico and broadened its horizons," Berkshire Chair Warren Buffett said. "JPMorgan, as usually is the case, has made a good decision."

The changes come as Buffett is set to hand over the role of chief executive officer of Berkshire to Greg Abel at the end of the month.

Nancy Pierce, Geico's chief operating officer and a nearly four-decade veteran of the insurer, has been appointed Geico CEO immediately. Ajit Jain, vice chair of Berkshire insurance operations, said Pierce is "practical, decisive and focused on results."

JPMorgan said Combs will head the USD10 billion strategic investment group within its new Security & Resiliency Initiative, taking charge of direct equity investments aimed at strengthening US supply chains, advanced manufacturing and critical technologies.

The bank said Combs will help steer a key pillar of JPMorgan's USD1.5 trillion commitment to boosting the US's "national security and economic resiliency".

Combs will work alongside the Commercial & Investment Bank and Asset & Wealth Management divisions at JPMorgan to identify opportunities across defence, aerospace, healthcare, energy and frontier tech.

He will also serve as a special adviser to CEO Jamie Dimon.

Dimon praised the appointment, calling Combs "one of the greatest investors and leaders I've known" and noting his deep understanding of the bank from nine years on its board. "I deeply value Todd's experience, character and judgment, and we are honoured he will be joining our team in this role."

Combs said he was drawn to the scale and purpose of JPMorgan's effort. "The SRI is a perfect example…committing USD1.5 trillion to spurring economic growth and innovation to make the world more secure," he said.

Meanwhile, Berkshire's longtime chief financial officer, Marc Hamburg, is set to retire in June 2027 after 40 years at Berkshire.

Charles Chang, currently CFO of Berkshire Hathaway Energy and a former PwC partner, will succeed him on June 1, 2026 following a year-long handover. Buffett praised Hamburg as "indispensable," adding: "His integrity and judgement are priceless."

Berkshire also announced changes across its non-insurance operations.

Adam Johnson, CEO of NetJets, has been named president of the conglomerate's consumer products, services and retailing group while continuing to lead NetJets.

Abel, who will become Berkshire CEO on January 1, said Johnson brings "a proven ability to deliver long-term shareholder value."

Berkshire will also create a general counsel role for the first time. Michael O'Sullivan, currently general counsel at Snap Inc and a former Munger, Tolles & Olson lawyer, will join as senior vice president and general counsel from January 1, 2026, based in Omaha.