Todd Combs Quits GEICO to Lead JPMorgan’s Investment Team

In a major shake-up of global corporate leadership, Todd Combs — veteran investment manager at Berkshire Hathaway and CEO of GEICO — is leaving to join JPMorgan Chase.

Key Highlights

• Todd Combs exits Berkshire Hathaway and GEICO to head JPMorgan Chase’s new $10 billion investment group.
• JPMorgan’s “Security and Resiliency Initiative,” with Combs at helm, targets equity investments in defense, healthcare, energy and aerospace. 

Starting January 2026, Combs will head JPMorgan’s newly formed $10 billion Security and Resiliency Initiative (SRI) Strategic Investment Group, tasked with making equity investments in sectors such as defense, aerospace, healthcare, and energy — as part of a broader $1.5 trillion, decade-long plan. He will report directly to JPMorgan CEO Jamie Dimon and serve as a special adviser to the bank’s operating committee.

For Berkshire Hathaway, Combs’ departure marks a pivotal point. Once regarded as a key lieutenant to Warren Buffett — helping manage the conglomerate’s vast share portfolio since joining in 2010 — Combs’ exit raises fresh questions about how Berkshire’s massive equity holdings will be governed.

As part of the transition, GEICO’s long-time Chief Operating Officer Nancy Pierce has been named the new CEO of GEICO, effective immediately. Meanwhile, Berkshire is also restructuring other top-level roles: Chief Financial Officer Marc Hamburg is slated to retire by mid-2027, with Charles Chang — currently CFO of Berkshire Hathaway Energy — set to succeed him.

At JPMorgan, Combs’ new role is part of a bold bet on long-term national-security-linked investments, blending private equity, venture capital, and strategic investments — a clear signal of the shifting focus of big finance toward sectors deemed critical for economic and security resilience.

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Commenting on Combs’ move, Dimon praised him as “one of the greatest investors and leaders” he has known. Meanwhile, Buffett termed the new job at JPMorgan “interesting and important,” acknowledging Combs’ contributions and the significance of the shift.

In short, Combs’ departure from Berkshire — just ahead of Buffett’s own expected exit — signals a generational and strategic transition. For JPMorgan, it represents a major acquisition of talent and institutional knowledge, aligning with its ambitious plan to channel substantial capital into sectors viewed as critical for future economic and security priorities.