Berkshire has appointed Charles Chang as CFO, effective June 1, 2026, replacing Marc Hamburg. Chang serves as CFO of Berkshire Hathaway Energy. Berkshire said Hamburg will retire June 1, 2027, following 40 years of service.
The company also appointed Nancy Pierce as chief executive of its Geico unit, effective immediately. Pierce serves as the unit's chief operating officer.
"Combs, CEO of Geico since 2020, has resigned to accept an interesting and important job at JPMorgan," Berkshire Chairman Warren Buffett said in a statement.
Berkshire's class A and B shares were down more than 1.3% each in Monday late-afternoon trade. The stocks have jumped more than 9% each so far in 2025.
Separately, JPMorgan said Combs will join the company in January and head the $10 billion Strategic Investment Group of its new security and resiliency initiative. Combs has stepped off the company's board, effective immediately, JPMorgan said.
The recently launched initiative is meant to help firms "enhance their growth, spur innovation and accelerate manufacturing," mainly in the US, the banking giant said.
Combs will also act as a special adviser to JPMorgan CEO Jamie Dimon.
"Combs is 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," Dimon said in a statement.
JPMorgan shares were down 0.2% intraday Monday. So far this year, the stock has soared 31%.
In May, Buffett said he would step down as CEO of Berkshire. He will be replaced in that role by Greg Abel, effective Jan. 1.
http://www.mtnewswires.com
Copyright © 2025 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.