JPMorgan Chase has tapped Geico CEO Todd Combs to lead its recently launched security and resiliency initiative, through which it will make direct equity investments in sectors including health care, aerospace and defense, the bank said Monday.
Combs, who has held leadership positions at Geico’s parent company, Berkshire Hathaway, for the past 15 years, will work closely with JPMorgan’s commercial and investment and asset and wealth management arms to identify potential investments. He steps into his role at the bank next month.
Combs is “one of the greatest investors and leaders” JPMorgan CEO Jamie Dimon said he’s ever known, having managed investments alongside Berkshire Hathaway founder and CEO 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,” Dimon said in a prepared statement. “I deeply value Todd’s experience, character and judgment, and we are honored he will be joining our team in this role.”
Buffett, in a statement Monday, said Combs had “resigned to accept an interesting and important job at JPMorgan,” and that he had “broadened [Geico’s] horizons.”
As head of JPMorgan’s new initiative, Combs will also serve on the initiative’s external advisory council alongside Amazon founder Jeff Bezos, Ford CEO Jim Farley, former Johnson & Johnson CEO Alex Gorsky, former U.S. Secretary of State Condoleezza Rice, former U.S. Defense Secretary Robert Gates and former U.S. Speaker of the House Paul Ryan. Combs will also serve as a special adviser to Dimon.
“As a member of JPMorganChase’s Board, I have 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,” Combs said. “The SRI is a perfect example of this — committing $1.5 trillion to spurring economic growth and innovation to make the world more secure.”
Combs will exit JPMorgan’s board, effective immediately, to focus on the SRI, the bank said.
