Portfolio Manager Combs to Lead $10 Billion Investment Group
Todd Combs, a portfolio manager often described as Warren Buffett's closest confidant at Berkshire Hathaway (hereafter Berkshire), is moving to JPMorgan. With Buffett set to retire at the end of this month, Berkshire is embarking on a key leadership reshuffle.
On December 8 (local time), Berkshire announced via a press release that Combs will be leaving the company to lead the Security & Resilience Initiative (SRI) Strategic Investments Group at JPMorgan Chase. The SRI is a JPMorgan program launched to invest in companies that drive the growth of industries critical to U.S. national security and economic resilience. Through this initiative, JPMorgan plans to identify investment opportunities primarily in the defense, aerospace, healthcare, and energy sectors.
Combs, who comes from a hedge fund background, has been considered a potential successor to Buffett since joining Berkshire in 2010. Alongside fellow portfolio manager Ted Weschler, Combs has partially led Berkshire’s investment work. On Wall Street, there were expectations that Combs would take on a greater role in Berkshire’s investment division, especially after Vice Chairman Greg Abel was named as the next Chief Executive Officer (CEO) of Berkshire.
Since 2020, Combs has also served as CEO of GEICO, Berkshire’s core insurance subsidiary. He joined the board of directors at JPMorgan in 2016. According to JPMorgan’s press release, Combs will lead the SRI’s strategic investment group, which manages up to 10 billion dollars, and will also serve as a special advisor to JPMorgan CEO Jamie Dimon.
Buffett commented, “Combs resigned to take on an exciting and important role at JPMorgan. At GEICO, he recruited outstanding talent and expanded the business horizon. As always, JPMorgan has made an excellent decision.” Chairman Dimon also said in a statement, “Combs is one of the greatest investors and leaders I know. He has successfully managed investments alongside Warren Buffett, one of the most respected and successful long-term investors of our era.”
Additionally, Berkshire announced that Mark Hamburg, Senior Vice President and Chief Financial Officer (CFO), will step down from his position on June 1, 2027. His successor as CFO will be Charles Chang, Senior Vice President and CFO of Berkshire Hathaway Energy.
Previously, at the annual shareholders meeting in May, Buffett announced his plan to retire at the end of this year. Vice Chairman Abel, who has been named as Buffett’s successor, is expected to lead Berkshire starting next month.
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