Berkshire Hathaway has announced major Berkshire Hathaway leadership changes as Warren Buffett prepares to step down as CEO at the end of 2026. Among the most significant moves, Todd Combs, 54, will leave his dual roles as investment manager and Geico CEO. He will join JPMorgan Chase to lead its new Security and Resiliency Initiative.
In a press release, 95-year-old Buffett confirmed Combs’ resignation. He praised Combs, saying, “Todd made many great hires at Geico and broadened its horizons.” Buffett added, “JPMorgan, as usually is the case, has made a good decision.” Combs first joined Berkshire in 2010 from his hedge fund, Castle Point. Alongside Ted Weschler, he helped manage Berkshire’s massive equity portfolio—which includes Apple, Bank of America, and Coca-Cola.
Now that Combs is departing, questions arise about how Berkshire will manage its investments after Buffett fully steps back. Buffett has chosen Greg Abel, 63, as his successor. Abel currently serves as vice chairman of noninsurance operations. Going forward, he will directly oversee all noninsurance businesses.
In addition, longtime CFO Marc Hamburg will retire in June 2027 after 40 years with Buffett. Charles Chang, current CFO of Berkshire Hathaway Energy, will replace him. At the same time, Nancy Pierce—the chief operating officer of Geico—will become the new CEO of the auto insurer.
Furthermore, Adam Johnson, former CEO of NetJets, will take on a new role as president of Berkshire’s consumer products, service, and retailing businesses. This reorganization aims to streamline leadership ahead of the post-Buffett era.
Meanwhile, Combs’ new role at JPMorgan carries major responsibilities. He will lead a $1.5 trillion initiative focused on defense, aerospace, health care, and energy. JPMorgan plans to use direct equity investments to boost economic growth and global security. Combs starts with $10 billion in deployable capital. He will also serve as a special advisor to CEO Jamie Dimon. To take this role, Combs is stepping down from JPMorgan’s board.
Dimon called Combs “one of the greatest investors and leaders I’ve known.” He noted that Combs deeply understands JPMorgan after nine years on its board. Moreover, an advisory council will guide the initiative. It includes Jeff Bezos, Michael Dell, Robert Gates, and Condoleezza Rice.
Buffett surprised shareholders at Berkshire’s May 2025 annual meeting when he confirmed his 2026 exit. Although he will remain chairman, he acknowledged physical and cognitive changes in a recent Thanksgiving message. He said he “still feels good” but is “moving slowly” and reading with “increasing difficulty.”
Investors have reacted cautiously. Berkshire’s stock rose 11% in 2025—however, that lags behind the S&P 500’s 17% gain. Many worry about the company’s future without Buffett, who turned a struggling textile firm into an investment powerhouse after taking control in 1965.
Overall, these Berkshire Hathaway leadership changes signal the start of a new chapter. The next generation must now uphold Buffett’s legacy—not through imitation, but through disciplined stewardship.
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