Berkshire Hathaway (BRK.A.US, BRK.B.US) announced a sweeping management overhaul on Monday, just weeks before Warren Buffett, the legendary "Oracle of Omaha," formally hands over control to Greg Abel. A key figure in the company’s investment team, Todd Combs, who collaborated with Buffett for years in managing Berkshire’s equity portfolio, will depart for Wall Street giant JPMorgan Chase. There, he will spearhead strategic investments under the bank’s ambitious $1.5 trillion initiative to finance and support U.S. companies deemed critical to national economic resilience.
The reshuffle signals Abel’s early imprint on Berkshire as he prepares to assume the CEO role on January 1, marking the definitive end of Buffett’s six-decade reign. Under Buffett, Berkshire grew into a conglomerate powerhouse, cementing his status as an investing icon and embodiment of the "American Dream."
Combs, recruited by Buffett in 2010, initially managed a portion of Berkshire’s funds before co-managing significant equity positions with Ted Weschler. Praised repeatedly by Buffett for his acumen, Combs also served as CEO of Berkshire subsidiary GEICO, reflecting deep trust. Internally, he was viewed as a potential successor for investment management, though Abel ultimately secured the broader capital allocation role.
"Abel is balancing continuity and modernization by appointing trusted deputies, all under Buffett’s watchful eye as chairman—a nod to shareholders that these moves have the Oracle’s blessing," noted Michael Ashley Schulman, CIO of Running Point Capital.
The changes also include the planned 2027 retirement of longtime CFO Marc Hamburg, a Berkshire veteran since 1987. Charles Chang, CFO of Berkshire’s energy division, will succeed him. Meanwhile, JPMorgan confirmed Combs will lead its newly established Strategic Investments division under its $1.5 trillion "Security and Resiliency Initiative" (SRI). Launched in October, the decade-long program targets four pillars: critical supply chains (e.g., rare earths, pharmaceuticals), defense/aerospace, energy independence, and frontier technologies (AI, quantum computing).
JPMorgan’s SRI mirrors U.S. government priorities like the CHIPS Act, framing investments through a national-security lens. The bank plans up to $10 billion in direct equity and venture capital for strategic sectors, with most funds deployed via financing and underwriting.
Combs and Weschler were once seen as Buffett’s investing heirs, though Abel has since been endorsed for the role. Berkshire emphasized its leadership selections prioritize cultural continuity and sound judgment. The firm also named Michael O’Sullivan as its first-ever general counsel.
Upon Abel’s ascension, he will retain oversight of non-insurance units like BNSF Railway and Berkshire Hathaway Energy.
**JPMorgan’s Elite Advisory Board** JPMorgan’s SRI advisory committee, chaired by CEO Jamie Dimon, includes Amazon founder Jeff Bezos, Dell Technologies CEO Michael Dell, and former U.S. Secretary of State Condoleezza Rice. Combs will join the board.
"Dimon assembling a ‘Team America’ of innovators to guide capital deployment is unsurprising," said David Wagner of Aptus Capital Advisors. Combs will collaborate with JPMorgan’s investment and asset management divisions on deals for defense, healthcare, and energy clients.
Schulman added, "JPMorgan’s SRI board blends top-tier government, tech, and industrial expertise—key for navigating D.C. and corporate interplay."
Combs, a former JPMorgan director, starts in January, reporting to Dimon, who hailed him as "one of the finest investors and leaders I know, having partnered with Warren Buffett."
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