Berkshire Stock Picker Todd Combs Leaves, Joins JPMorgan

Todd Combs, one of Warren Buffett’s top investing lieutenants and the CEO of GEICO, is departing Berkshire Hathaway and joining JPMorgan Chase in a new role as part of a major shake-up involving both firms, David Hollerith reported for Yahoo Finance.

Combs will report directly to JPMorgan CEO Jamie Dimon and step down from the company’s board, where he has served since 2016. (Photo: Notre Dame Events, University of Notre Dame) 

Combs is leaving Berkshire Hathaway and his role leading GEICO to run the bank’s new investment group, part of its wider “security and resilience” initiative announced in October.

He 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.” Warren Buffett reacted, saying, “JPMorgan, as usually is the case, has made a good decision.”

Buffett and Dimon have maintained a friendly relationship for years, with Dimon frequently visiting Buffett in Omaha, Neb. Before Buffett stopped traveling, he was known to attend JPMorgan events in New York, according to a person familiar with the matter.