Berkshire Hathaway’s Todd Combs, investment lieutenant to Buffett and Geico CEO, is leaving for JPMorgan
Todd Combs, portfolio manager and chief investment officer of Berkshire Hathaway Inc., attends the Allen & Co. meeting held in Sun Valley, Idaho, USA, on Friday, July 12, 2019. He came to the morning session of the Media and Technology Conference.
Patrick T. Fallon/Bloomberg/Getty Images
Warren Buffett Berkshire Hathaway The legendary CEO announced a series of structural changes before leaving his post at the end of this year; These include the departure of chief investment officer and Geico CEO Todd Combs.
Combs, 54, will attend JPMorgan ChaseHe was already serving on the board as chairman of the bank’s new Security and Resilience Initiative to find direct capital investments in the defense, aerospace, healthcare and energy industries.
In a press release from Berkshire, Buffett, 95, said Combs “resigned to accept an interesting and important job at JPMorgan.” “Todd made many great hires at GEICO and broadened his horizons. JPMorgan, as is often the case, made a good decision.”
Combs joined Berkshire in 2010 from hedge fund Castle Point and was brought in to help manage Berkshire’s investment portfolio along with Ted Weschler. Buffett is handing over the CEO job to Greg Abel in 2026, and Combs’ departure leaves some questions about how Berkshire’s major stocks, including Apple, Bank of America and Coca-Cola, will continue to be managed when he steps down.
The investor, who will resign from the JPMorgan board of directors effective immediately, will also serve as a special advisor to CEO Jamie Dimon.
“Todd Combs is one of the greatest investors and leaders I know, having successfully managed investments alongside Warren Buffett, the most respected and successful long-term investor of our time,” Dimon said in his statement. “After serving on our board for nine years, he truly understands all aspects of our company and supports the role we play in helping make the world better and safer for all citizens.”
Combs will have an initial $10 billion for JPMorgan’s new initiative, which the bank said will eventually allocate $1.5 trillion to boost economic growth to “make the world safer.”
The Security and Resilience Initiative will have an external council to guide its strategy, including Amazon’s Jeff Bezos, Dell Chairman Michael Dell, former Secretary of Defense Robert Gates and former Secretary of State Condoleezza Rice.
This is an evolving story. Check back for updates.
