Overview
- Todd Combs will start at JPMorgan in January 2026 to run the Strategic Investment Group, reporting to Jamie Dimon and serving as a special adviser after stepping down from the bank’s board.
- JPMorgan’s Security and Resiliency Initiative pairs a $1.5 trillion lending commitment with a $10 billion direct-equity mandate targeting defense, energy, healthcare, critical minerals and frontier technologies, guided by a council that includes Jeff Bezos, Michael Dell and Condoleezza Rice.
- Berkshire named Nancy L. Pierce as GEICO’s CEO effective immediately, replacing Combs.
- Berkshire also said NetJets CEO Adam Johnson becomes president of its consumer products, services and retailing businesses, while longtime CFO Marc Hamburg will retire in June 2027 with Charles Chang named to succeed him.
- Berkshire shares fell about 1.2% following the leadership announcements and Combs’ departure.