Todd Combs, one of Berkshire Hathaway’s top executives and Warren Buffett’s right-hand man, is leaving the investment firm to join JP Morgan. It’s a quiet movement in the world of active management as Buffett, considered one of the best moneymakers in history, faces his final days at the helm of the company before retiring. A movement which is part of a reorganization of the conglomerate of industrial holding companies which affects several managers.
At JP Morgan, Combs will serve as head of the strategic investment group in a new commercial division of the bank, which will have a $10 billion budget for direct investments. He will also serve as special advisor to the bank’s president and deputy advisor, Jamie Dimon, according to the firm’s statement in a statement. “Todd Combs is one of the most remarkable investors and executives I know, having managed investments with one of the financial world’s greatest leaders, Warren Buffett. After more years on our Board of Directors, he has a deep understanding of every aspect of our business,” said Dimon.
Combs, who has been on the JP Morgan board since 2016, will join the entity next month. Its balance sheet supports the American bank’s investment strategy in critical sectors, while its result confirms the changes that Berkshire Hathaway is implementing in the face of Buffett’s retirement.
The Oracle of Omaha viewed Combs’ departure as a step toward “an interesting and important job at JP Morgan” and announced that the U.S. entity “made a good decision,” it said in a statement. The executive’s arrival coincides with Berkshire Hathaway’s transition into the post-Buffett era, marking the generational importance within the company.
The company announced other changes to its financial management. The current financial director, Marc Hamburg, will therefore leave his position in June 2026 and will be replaced by Charles Chang, now head of finance for the energy division. And Nancy Pierce, who was chief operating officer of the Geico insurance company, will succeed Combs as head of the company.
Separately, the company announced that Adam M. Johnson, now deputy counsel at private jet company NetJets, has been named president of consumer products, services and retail operations. And Michael J. O’Sullivan joins the company as its new general counsel, creating a position that did not previously exist at Berkshire Hathaway.
This is all part of a process of generational importance that began in an era marked by Buffett and handed over the management of the conglomerate to a new generation.
Warren Buffett will take office as a member of the board of directors at the end of 2025, after six decades at the helm of Berkshire Hathaway. His successor in this role will be Greg Abel, current vice president of insurance operations, who will officially take office on January 1, 2026. Buffett will retain the chairmanship of the board of directors, although he will delegate key decisions regarding investments, capital allocation and acquisitions to Abel.
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