Todd Combs, CEO of GEICO and Warren Buffett’s investing lieutenant, is leaving Berkshire Hathaway to join JPMorgan Chase in a new role. Combs will lead the bank’s new investment group as part of a “security and resilience” initiative, reporting directly to JPMorgan CEO Jamie Dimon and stepping down from Berkshire’s board.

JPMorgan’s “security and resilience” initiative involves committing $1.5 trillion to financing efforts and creating a $10 billion pool for strategic venture capital and equity investments. The bank also formed an external advisory council chaired by Dimon, including Jeff Bezos and Condoleezza Rice, to advise on national security efforts.

Berkshire announced a wider executive shuffle ahead of its planned CEO transition, with Greg Abel taking over from Buffett on Jan. 1. GEICO COO Nancy Pierce will succeed Combs as CEO in January, and Michael O’Sullivan will be appointed as the first general counsel. CFO Marc Hamburg plans to retire in mid-2027.

Read more at Yahoo Finance: Berkshire Hathaway stock picker Todd Combs departs to lead new strategic investment group at JPMorgan