Berkshire Hathaway (BRK-A) just announced a major shake-up in its leadership as Warren Buffett is set to step down as CEO by the end of the year, which is a big deal for the company.
One of the most notable changes is Todd Combs leaving his roles as one of Buffett's top investment deputies and CEO of GEICO to join JPMorgan Chase.
Combs has been on JPMorgan's board since 2016 and he'll now head up the bank's new investment group as part of their recently launched "security and resilience" initiative. He'll also serve as a special adviser to CEO Jamie Dimon.
This move means a significant player in Berkshire's future investment direction is stepping away.
Dimon has high praise for Combs, calling him "one of the greatest investors and leaders" he's come across, while Buffett referred to JPMorgan's decision to hire him as a "good" one, shining a light on the long friendship between the two.
As for Berkshire, these changes come just in time for Greg Abel to take over as CEO on January 1. They've named Nancy Pierce, the COO of GEICO, as Combs's replacement.
Plus, there are other executive shifts happening: Michael O'Sullivan will step in as Berkshire's first general counsel next month, long-time CFO Marc Hamburg plans to retire in 2027 with Charles Chang from Berkshire Energy set to take over, and NetJets CEO Adam Johnson will also lead Berkshire's consumer products division while keeping his current position.
On the JPMorgan side, their national security initiative is aiming to manage $1.5 trillion in financing commitments along with a $10 billion strategic investment pool that will focus on areas like AI, minerals, and defense manufacturing.
This put Combs right at the heart of one of the bank's most ambitious projects.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.