Todd Combs, one of Berkshire Hathaway’s (BRK.B) (BRK.A) top investment managers, will head JPMorgan Chase’s (JPM) $10B Strategic Investment Group as part of the company’s recently announced Security and Resilience Initiative (“SRI”), JPMorgan said on Monday.
At the same time, the Berkshire Hathaway executive stepped down from the JPMorgan Chase (JPM) board to accept the new role, which will report directly to Chairman and CEO Jamie Dimon. Earlier, Berkshire Hathaway (BRK.B) reported that Combs will leave the investment and insurance giant, where he now serves as GEICO’s CEO.
Set to join the bank in January 2026, Combs will work closely with JPMorgan’s Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) to identify opportunities for middle-market and large corporate clients in the defense, aerospace, healthcare, and energy sectors. He’ll also be a special adviser to Dimon, and will join the firm’s operating committee on specific strategic issues.
Combs worked with Warren Buffett for decades, eventually rising to one of the investing legend’s lieutenants for overseeing the company’s $283B equity portfolio, along with Ted Wechsler.
In October, the bank announced its SRI, a $1.5T, 10-year plan to invest in industries critical to national economic security and resilience. JPMorgan (JPM), itself, plans to make direct equity and venture capital investments of up to $10B.
“Todd Combs is one of the greatest investors and leaders I’ve known, having successfully managed investments alongside the most respected and successful long-term investor of our time, Warren Buffett,” Dimon said in a statement. “Having served nine years on our board, he truly understands all aspects of our company, and he supports the role we play helping make the world better and safer for all its citizens.”
Combs will also be a member of the SRI’s external advisory council, which JPMorgan announced on Monday. That group will also include:
- Jeff Bezos, chairman of Amazon (AMZN) and founder of Blue Origin;
- Chris Cavoli, retired general, Supreme Allied Commander Europe and Commander of U.S. European Command;
- Michael Dell, chairman and CEO of Dell Technologies (DELL);
- Ann DDunwoody, retired Commanding General of U.S. Army Material Command;
- Jim Farley, president and CEO of Ford Motor (F);
- Robert Gates, former U.S. Secretary of Defense;
- Alex Gorsky, former chairman and CEO of Johnson & Johnson (JNJ);
- Paul Nakasone, retired general, former NSA director and Commander of Cybersecurity Command;
- Condoleezza Rice, former U.S. Secretary of State;
- Paul Ryan, partner at Solamere Capital, former Speaker of the U.S. House of Representatives;
- Phebe Novakovic, chairman and CEO of General Dynamics (GD).
JPMorgan (JPM) stock rose 0.4% and Berkshire Hathaway (BRK.B) B shares fell 0.6% in Monday premarket trading.