Overview
- Todd Combs will leave Berkshire and Geico to lead JPMorgan’s $10 billion Strategic Investment Group within its Security and Resiliency Initiative, starting in January 2026, reporting to Jamie Dimon after resigning from JPMorgan’s board.
- Nancy Pierce, Geico’s chief operating officer since 2023 and a company veteran since 1986, has been appointed CEO effective immediately.
- Berkshire outlined finance succession plans with longtime CFO Marc Hamburg set to retire on June 1, 2027, and Berkshire Hathaway Energy CFO Charles Chang slated to assume the Berkshire CFO role in June 2026.
- Berkshire created an in-house general counsel position and named Michael O’Sullivan to start on January 1, 2026.
- Incoming CEO Greg Abel restructured oversight by naming NetJets chief Adam Johnson president of consumer products, services, and retailing businesses, while analysts say Combs’ exit raises near-term questions about who helps manage Berkshire’s large stock portfolio.