Berkshire Hathaway is undergoing a significant management reshuffle ahead of Greg Abel’s expected takeover from Warren Buffett in the New Year. Todd Combs, a key investment manager at Berkshire Hathaway, is set to depart for JPMorgan Chase to support the bank’s $1.5 trillion initiative focused on financing and investing in strategically important US companies. Berkshire Hathaway is a multinational conglomerate holding company. It owns companies across various sectors, including insurance, energy, and manufacturing.
The move signals Abel’s influence on the company before he officially assumes the role of CEO on January 1, marking the end of Buffett’s six-decade tenure. In addition to Combs’ departure, Berkshire’s long-time finance chief Marc Hamburg will retire on June 1, 2027, after four decades with the company. Charles Chang, currently CFO of Berkshire Hathaway Energy, will succeed Hamburg next year. Michael O’Sullivan has been named as the general counsel, marking the creation of a new position at the company.
Combs will head the strategic investment group of JPMorgan’s new security and resiliency initiative. JPMorgan’s initiative, a $1.5 trillion, decade-long plan, aims to bolster industries critical to U.S. economic security and resilience. An external advisory council, chaired by JPMorgan CEO Jamie Dimon, has been established to guide the initiative. Council members include Amazon founder Jeff Bezos and Dell Technologies CEO Michael Dell.
Dimon praised Combs as “one of the greatest investors and leaders I’ve known,” noting his experience managing investments alongside Warren Buffett. Combs will partner with JPMorgan’s Commercial & Investment Bank and Asset & Wealth Management units to pursue opportunities spanning middle-market and large corporate clients in sectors such as defence, aerospace, healthcare and energy.
