One of Warren Buffett’s key lieutenants has left the investor’s stock-picking conglomerate just weeks before the 95-year-old retires.
Todd Combs is stepping down as investment manager at Berkshire Hathaway to join Wall Street giant JP Morgan, where he has been on the board since 2016.
Mr Combs, who also served as chief executive of US car insurer Geico since 2020, was an unknown hedge fund manager in Connecticut before he joined Berkshire in late 2010.
Since then, he has become a protégé of Mr Buffett, who is dubbed the Oracle of Omaha. Announcing Mr Combs’s departure on Monday, Mr Buffett said he had “resigned to accept an interesting and important job at JP Morgan”.
He added: “Todd made many great hires at Geico and broadened its horizons. JP Morgan, as usually is the case, has made a good decision.”
Mr Combs – originally from Sarasota, Florida – will take charge of JP Morgan’s $10bn Strategic Investment Group, while also acting as a special advisor to JP Morgan’s long-standing chief executive, Jamie Dimon.
His exit comes weeks before Mr Buffett prepares to end his tenure as the boss of Berkshire Hathaway, the conglomerate he has led since 1965.
He stunned an arena full of shareholders in May when he unexpectedly announced his intention to retire at the end of the year, recommending Greg Abel as his successor.
Mr Abel had been its vice chair of non-insurance operations since 2018.
Following Mr Combs’s appointment, Mr Dimon described him as “one of the greatest investors and leaders I’ve known, having successfully managed investments alongside the most respected and successful long-term investor of our time, Warren Buffett”.
“Having served nine years on our board, he truly understands all aspects of our company and he supports the role we play helping make the world better and safer for all its citizens,” he said.
“I deeply value Todd’s experience, character and judgment, and we are honoured he will be joining our team in this role.”
Mr Combs said he had “seen up close the quality of the individuals who lead this firm and their commitment to always doing the right thing and helping communities around them”.
Mr Buffett is one of the world’s most successful investors, having bought his first stock at the age of 11. He has led Berkshire Hathaway to deliver compounded annual gains of 19.8pc from 1965 to 2023, substantially outperforming the S&P 500.
Berkshire Hathaway is one of Coca-Cola’s largest shareholders, having held the stock since 1988.