Berkshire Hathaway Undergoes Major Restructuring With Todd Combs Moving to JPMorgan

In a significant reshuffling of the investment and leadership landscape, Berkshire Hathaway has revealed multiple executive transitions that reshape the company’s strategic direction. The most prominent departure is Todd Combs, who has exited his positions as a key investment lieutenant under Warren Buffett and CEO of GEICO, to assume a major role at JPMorgan Chase. This move represents a pivotal moment for both institutions, as Combs transitions from being instrumental in Berkshire’s investment strategy to leading one of Wall Street’s most ambitious financial initiatives.

Combs, who has served on JPMorgan’s board since 2016, now heads the bank’s newly established investment group as part of their “security and resilience” initiative. He also functions as a special adviser to JPMorgan CEO Jamie Dimon. The caliber of talent represented by Todd Combs’s appointment reflects JPMorgan’s commitment to this initiative—Dimon has publicly praised Combs as “one of the greatest investors and leaders” he has encountered throughout his career. Meanwhile, Warren Buffett characterized JPMorgan’s hiring of Todd Combs as a “good” decision, underscoring the long-standing professional relationship between these two financial titans.

Todd Combs Departs, Creating Cascade of Executive Changes

The departure of Todd Combs has triggered a broader wave of leadership adjustments within Berkshire Hathaway. As Warren Buffett steps aside from his CEO role as of year-end 2025, Greg Abel has now assumed the position of Chief Executive, effective January 1, 2026. The company has appointed Nancy Pierce, previously serving as Berkshire’s GEICO Operations Officer, to succeed Combs in his prior role. Additionally, Michael O’Sullivan has taken the position of Berkshire’s inaugural General Counsel, bringing external expertise to the organization’s legal framework.

The organizational shuffling extends further, with long-time CFO Marc Hamburg planning his retirement in 2027. Charles Chang, an executive from Berkshire Energy, is poised to assume Hamburg’s financial leadership responsibilities. Adam Johnson, who continues as CEO of NetJets, has been given expanded duties to oversee Berkshire’s consumer products division, demonstrating the company’s strategy of leveraging existing operational expertise across multiple subsidiaries.

JPMorgan’s Ambitious Investment Initiative Led by Todd Combs

JPMorgan’s newly unveiled “security and resilience” initiative—now under Todd Combs’s leadership—represents one of the bank’s most expansive undertakings in recent years. The initiative is structured to manage $1.5 trillion in total financing commitments while deploying a $10 billion strategic investment pool. This capital allocation targets high-growth sectors including artificial intelligence, critical minerals procurement, and defense manufacturing capabilities.

The positioning of Todd Combs at the center of this initiative underscores JPMorgan’s confidence in his strategic vision and investment acumen. His simultaneous service as special adviser to CEO Jamie Dimon ensures alignment between the investment group’s strategic objectives and the bank’s broader corporate priorities. This structure positions Combs to exert significant influence over JPMorgan’s capital deployment decisions in sectors critical to national security and technological advancement.