Warren Buffett's Berkshire Hathaway shakes up its leadership
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Berkshire Hathaway investment manager Todd Combs is leaving to join JPMorgan Chase, as Warren Buffett's conglomerate announces a series of leadership changes.
Why it matters: Buffett is set to retire as chief executive at the end of the year, and the moves are meant to position the company to navigate a future without the legendary investor at the helm.
Driving the news: In addition to Combs' departure, Berkshire Hathaway announced a number of other leadership changes Monday, including:
- Adam Johnson, currently CEO of the Berkshire unit NetJets , was named president of the conglomerate's consumer products, service and retailing businesses.
- Nancy Pierce has been appointed CEO of the insurer Geico, replacing Combs.
- Marc Hamburg, the chief financial officer, will retire in June 2027. Charles Chang will succeed him as CFO in June 2026.
- Class A shares of Berkshire Hathaway were down 2.3% in late-morning trading.
Catch up quick: Buffett, who is 95, said last month that he would be "going quiet," as he hands the CEO reins to Greg Abel, Berkshire's energy chief.
What they're saying: "Abel is positioning trusted lieutenants and fresh talent to balance continuity with modernization at Berkshire; instilling changes under the eye of Buffett as Chairman allows him to make his mark while showing shareholders that the Oracle of Omaha approves," said Michael Ashley Schulman, the chief investment officer at Running Point Capital, per Reuters.
Zoom in: Combs was recruited by Buffett from a small hedge fund to join Berkshire in 2010.
- Along with Ted Weschler, Combs helped run Berkshire's massive investment portfolio, in particular its successful stake in Apple.
- At JPMorgan, Combs will lead the $10 billion strategic investment group of the bank's new $1.5 trillion "Security and Resiliency Initiative", which is aimed at boosting manufacturing and innovation in the U.S.
- Those investments will focus on defense and aerospace, AI and cybersecurity, energy independence and supply chains.
- He stepped off the board of JPMorgan to accept his new role, which starts in January.
- "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," JPMorgan CEO Jamie Dimon said in a statement.
Of note: JPMorgan also named an advisory council for the new initiative, which Dimon will chair and which will include Jeff Bezos, Michael Dell, Ford CEO Jim Farley, former House speaker Paul Ryan and former Secretary of State Condoleezza Rice, among others.
Editor's note: This story has been updated with background on the executive changes.
