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Veteran investment manager Todd Combs is to leave Berkshire Hathaway and join JPMorgan Chase, as Warren Buffett prepares to step back from running the conglomerate.
Combs is currently investment manager of Berkshire and chief executive of Geico, the US car insurance company that is one of the most important companies inside the group, and was seen as Buffett’s investment protégé.
The move comes as Berkshire announced a series of wider leadership changes, weeks after Buffett said he would be “going quiet” and retire from his role as chief executive.
In a statement on Monday, Buffett said that Combs “has resigned to accept an interesting and important job at JPMorgan . . . JPMorgan, as usually is the case, has made a good decision.”
This is a developing story