Todd Combs, one of Warren Buffett’s investing lieutenants and the CEO of GEICO, is departing Berkshire Hathaway (BRK-B, BRK-A) and joining JPMorgan Chase (JPM) in a new role as part of a major shake-up involving both firms.
Combs is leaving Berkshire Hathaway and his role leading GEICO to run the bank’s new investment group as part of its wider “security and resilience” initiative announced in October.
Combs will report directly to JPMorgan CEO Jamie Dimon and step down from the company’s board, where he has served since 2016. Combs will also serve as a special adviser to Dimon and the bank’s operating committee.
“Todd Combs is one of the greatest investors and leaders I’ve known,” Dimon said in a statement. “Having served nine years on our Board, he truly understands all aspects of our company.”
“JPMorgan, as usually is the case, has made a good decision,” Warren…
