Buffett’s Top Stock Picker Todd Combs Heads to JPMorgan as Berkshire Shakes Up Leadership

CNBC, the New York Times, the Wall Street Journal, Business Insider, Reuters, Axios, and Bloomberg contributed to this report.

One of Warren Buffett’s most trusted investors is heading for the exit as Berkshire Hathaway gets ready for life after the Oracle of Omaha.

Todd Combs — a key stock picker at Berkshire and CEO of Geico — is leaving the company to join JPMorgan Chase, the banking giant announced Monday. The move is part of a broader leadership reshuffle happening just weeks before Greg Abel officially takes over as CEO from the 95-year-old Buffett.

Combs will lead JPMorgan’s new $10 billion Strategic Investment Group, which is part of the bank’s massive $1.5 trillion “Security and Resiliency Initiative.” The effort focuses on direct investments in defense, aerospace, health care, energy, AI, cybersecurity and US supply chains. He’ll also serve as a special adviser to JPMorgan CEO Jamie Dimon.

“Todd Combs is one of the greatest investors and leaders I’ve known,” Dimon said. “He’s managed money alongside the most respected investor of our time — Warren Buffett.”

Combs, 54, had been juggling two huge jobs at Berkshire: helping manage the company’s massive stock portfolio and running Geico, one of its largest businesses. He joined Berkshire in 2010 after Buffett plucked him from a small hedge fund, later pairing him with fellow investor Ted Weschler to oversee billions in assets, including Berkshire’s hugely successful Apple stake.

What his role would have been under new CEO Greg Abel was never fully clear — and now it won’t matter.

Combs’ departure is the most eye-catching move, but it’s just one piece of a larger shake-up as Berkshire transitions away from Buffett’s famously hands-off style.

Other changes announced Monday include:

• Nancy Pierce takes over as CEO of Geico, replacing Combs. She’s a longtime Geico executive who most recently served as COO.
• Marc Hamburg, Berkshire’s longtime chief financial officer, will retire in 2027. He’ll be succeeded by Charles Chang, currently CFO of Berkshire Hathaway Energy.
• Berkshire is also creating a general counsel role for the first time. Michael O’Sullivan, formerly of Snap Inc. and longtime adviser to Berkshire, will take that job in 2026.
• Adam Johnson, CEO of NetJets, was named president of Berkshire’s consumer products, services and retail businesses, overseeing companies like See’s Candies and Fruit of the Loom.

Buffett praised both Combs and Hamburg in statements, calling Hamburg “indispensable” and saying JPMorgan “has made a good decision” by hiring Combs.

With Buffett stepping back as CEO at the end of the year, these moves show Berkshire slowly shifting toward a more centralized leadership structure — something the company never really needed when Buffett was personally calling the shots.

Combs’ exit also raises questions about who will manage Berkshire’s massive investment portfolio going forward. Analysts now expect Ted Weschler to take the lead on public stock investments, with Abel having final say on capital allocation.

Investors seemed uneasy about the changes: Berkshire shares fell more than 2% Monday after the announcements.

At JPMorgan, Combs is stepping into an even bigger national stage, working alongside an advisory council that includes Jeff Bezos, Michael Dell, Paul Ryan, Condoleezza Rice and Ford CEO Jim Farley.

For Combs, it’s a high-profile new chapter. For Berkshire, it’s another clear sign that the post-Buffett era is no longer theoretical — it’s already underway.