Charles Chang, CFO of Berkshire Hathaway Energy, will succeed Hamburg next year.”Marc has been indispensable to Berkshire and to me. His integrity and judgment are invaluable,” Buffett said in a statement.
With Abel’s transition to CEO on January 1, Buffett concludes an extraordinary six decades at the helm of Berkshire Hathaway, where he became a household name, a multi-billionaire and an American success story.
Combs and another Berkshire investment manager, Ted Weschler, were once expected to take over the company’s stock portfolio after helping Buffett invest in stocks, but the CEO had said in recent years that Abel could handle it.
The appointments underscore Berkshire’s tradition of choosing leaders who uphold its culture, demonstrate strong business judgment and support its distinctive business model, the company said, adding that it remains well-positioned for the future. Berkshire Hathaway also announced changes to its insurance and non-insurance businesses and named Michael O’Sullivan as general counsel, marking the creation of a new position at the company.
However, a host of non-insurance companies – including industrial products, building products, BNSF, Berkshire Hathaway Energy, Pilot and McLane – will remain under Abel’s direct supervision once he takes over as CEO.
COMBS LEADS JPMORGAN’S NEW INITIATIVE
JPMorgan said Monday that Combs, a Berkshire investment manager, will lead the strategic investment group of the company’s new security and resilience initiative.
At JPMorgan, Combs will work with the firm’s Commercial & Investment Bank and Asset & Wealth Management units to pursue opportunities spanning mid-market and large corporate clients in defense, aerospace, healthcare and energy, the bank said.
Earlier this year, the Wall Street giant launched its Security and Resiliency Initiative, a decade-long, $1.5 trillion plan to support industries deemed vital to U.S. economic security and resilience.
As part of the program, the bank said it will make up to $10 billion in direct equity and venture capital investments to help select U.S. companies expand growth, drive innovation and accelerate strategic manufacturing.
In addition, JPMorgan Chase said it has established an external advisory board of public and private sector leaders to help guide the bank’s Security and Resiliency Initiative.
The council will be chaired by JPMorgan CEO Jamie Dimon and will include members such as Amazon founder Jeff Bezos, Dell Technologies CEO Michael Dell and former US Secretary of State Condoleezza Rice. Combs will also be part of this advisory board.
Combs, who previously served on JPMorgan’s board, will join the bank in January and report to Dimon.
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