Buffett investing deputy Combs joins JPMorgan board
By Jonathan Stempel
(Reuters) - Todd Combs, one of Warren Buffett's stockpicking deputies at Berkshire Hathaway Inc (BRKa.N: Quote), has joined the board of JPMorgan Chase & Co (JPM.N: Quote), expanding the conglomerate's already deep ties to the financial services industry.
In a statement on Tuesday, JPMorgan, the largest U.S. bank by assets, said Combs' appointment took effect on Monday. His committee assignment will be determined later.
Combs, 45, has taken a growing role at Berkshire since joining the Omaha, Nebraska-based company in 2010.
Buffett has credited him with triggering Berkshire's largest acquisition, the $32.1 billion takeover in January of aircraft parts maker Precision Castparts Corp.
"For such a young man, it's a high honor," Andy Kilpatrick, author of "Of Permanent Value: The Story of Warren Buffett," said about Combs' appointment. "It provides Combs board experience at a financial company and a platform to broaden his growth, which is important because he is a leader at Berkshire."
The appointment gives Berkshire direct ties to the three biggest U.S. banks.