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Todd Combs Leaving BRK for JPM

yogibearbullyogibearbull
edited December 8 in Other Investing
Todd Combs is ambitious and had the dual role of BRK sub-portfolio manager and CEO of Geico. I thought that he was well integrated within BRK.

Insurance head Ajit Jain may be retiring soon. So, it could be that Todd Combs wasn't seen for that role, or potential hires for that role didn't want to leave out Geico.

Interesting that Todd jumped to JPM to manage a $10 billion initiative (initially) at JPM that may grow to $1.5 trillion (easy talk). Todd has been on JPM board for several years, so he may also be considered as a potential replacement for Jamie Dimon - watch who starts leaving JPM.

I thought that Ted Weschler, who has kept low profile as a sub-portfolio manager at BRK, may be the one to leave.

After Warren Buffett announced that the incoming CEO Greg Abel will also supervise the entire BRK stock portfolio, may be Todd and Ted assessed their relationships with Greg.

Anyway, the transition at BRK has started.

https://www.cnbc.com/2025/12/08/berkshire-hathaways-todd-combs-investment-lieutenant-to-buffett-and-geico-ceo-is-leaving-for-jpmorgan.html

Comments

  • larryB
    @yogibearbull. Thanks for this report. I am curious about your use of the adjective “ambitious.” The dude isn’t a young guy right out of B school. What is the implication here?
  • hank
    edited December 8
    larryB said:

    I am curious about your use of the adjective “ambitious.” The dude isn’t a young guy right out of B school. What is the implication here?

    LOL - "Ambition should be made of sterner stuff."

    Hope it's OK to mention the current Barron's article here re a huge exodus of top engineers & executives from Apple along with speculation Cook is nearing retirement. There's a slight connection to BRK. Buffett unloaded a lot of Apple stock, a top holding, over the past year.


    Added note: BRK -2.5% as of noon time.
  • MarkMark
    Ambitious? OK. Or maybe he just didn't want to be #2 and/or a part of what comes next for BRK. Should be interesting to say the least.

    I see that the CFO at BRK is also retiring. Will Ajit Jain be next?
  • yogibearbullyogibearbull
    From what I read, Todd & Ted were initially given slices of couple of billions to manage. I don't know how much they are managing now.

    Todd indicated soon after joining BRK that he wanted to do more, so he got involved with Geico and eventually became Geico CEO.

    It seems he still wasn't happy with his cards at BRK.

    Ajit Jain is 74 and he has indicated he will be retiring soon. Not everyone can hang on to 95+. So, his leaving in near future won't be a surprise, but who will replace him would be (it won't be Todd).
  • larryB
    Is it common in the corporate world for the CEO of a large Insurer to have a second job as a portfolio manager? I get that both his gigs were under the BRK but still,,,,, was he just another ambitious gig worker? Did he drive for Door Dash on the weekends or was it Uber?
  • masterd
    We’ve been BRK shareholders for many decades. The departure of Combs isn’t surprising and should be expected. Same with the CFO retiring. Berkshire has a deep bench. Looking forward to the leadership transition.
  • MrRufflesMrRuffles
    edited December 9
    hank said:

    larryB said:

    I am curious about your use of the adjective “ambitious.” The dude isn’t a young guy right out of B school. What is the implication here?

    LOL - "Ambition should be made of sterner stuff."

    Hope it's OK to mention the current Barron's article here re a huge exodus of top engineers & executives from Apple along with speculation Cook is nearing retirement. There's a slight connection to BRK. Buffett unloaded a lot of Apple stock, a top holding, over the past year.


    Added note: BRK -2.5% as of noon time.
    Regarding Apple, the move of Alan Dye to Meta and the retirement of the head of AI are actually considered net wins for the company. As one wag put it, with Alan Dye’s move to Meta, “The average IQ of both companies has increased.”
  • hank
    edited December 8
    Thanks @Mr.Ruffles. Got it.

    My only concern with Apple is as a long time user of their products. If their leadership's IQ is rising, I'm good with that. Recently upgraded to IOS 26 & like it so far.
  • masterd
    yogibearbull said:

    From what I read, Todd & Ted were initially given slices of couple of billions to manage. I don't know how much they are managing now.

    Todd indicated soon after joining BRK that he wanted to do more, so he got involved with Geico and eventually became Geico CEO.

    It seems he still wasn't happy with his cards at BRK.

    Ajit Jain is 74 and he has indicated he will be retiring soon. Not everyone can hang on to 95+. So, his leaving in near future won't be a surprise, but who will replace him would be (it won't be Todd).

    I would guess either Joe Brandon or Kara Raiguel are the most likely candidates to replace Ajit.
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