Berkshire Hathaway Inc’s Todd Combs has been appointed by JPMorgan Chase & Co to lead its Strategic Investment Group, which is set to make $10 billion of direct equity investments as the bank deepens its push into the economic security space, Bloomberg reported.
Combs will assume his position in the company in January 2026 and will report directly to CEO Jamie Dimon. As part of the transition, he has stepped down as a board member of the lender.
This comes at a time when Berkshire Hathaway’s top leadership is beginning to shift as the company prepares for the retirement of founder Warren Buffett.
Role and responsibilities of Combs
Combs, who has served as the chief executive of GEICO and an investment manager at Warren Buffett’s firm, is tasked with identifying and working on opportunities in the defence, aerospace, healthcare and energy sectors, according to a statement on Monday.
He will also act as a special adviser to Chairman and CEO Jamie Dimon, according to the Wall Street Journal.
The Security and Resiliency Initiative that Combs will lead was introduced in October. Its goal is to invest $1.5 trillion over the next decade in industries that are crucial for the US economy's security and resiliency.
In addition to the investment commitment, the group will also see the biggest US bank invest up to $10 billion of its own capital to help certain companies expand, innovate or accelerate strategic manufacturing in key sectors like critical minerals, Bloomberg reported.
Leadership change at Berkshire Hathaway
A major leadership shift is underway at Berkshire, with the company also announcing that its longtime Chief Financial Officer Marc Hamburg will step down from his role on 1 June 2026.
Hamburg will be succeeded by Charles Chang, who is currently serving as the senior vice president and chief financial officer of Berkshire Hathaway Energy.
These fresh developments come less than a month after Buffett, 95, said he would be “going quiet” as he prepares to retire from the company he has led since the 1960s.
Nancy Pierce will step in to succeed Combs as the head of the insurer, marking a significant leadership shift. Pierce previously served as Geico’s chief operating officer, according to WSJ.
