Berkshire Hathaway Inc. today announced Nancy L. Pierce will be GEICO’s new chief executive officer.
Pierce was most recently chief operating officer at the major U.S. auto insurer.
“Nancy knows the business inside and out. She’s practical, decisive and focused on results. I have full confidence in her ability to move GEICO forward,” said Ajit Jain, vice chairman – insurance operations, in a statement.
Pierce has been with the company since 1986 and has held various leadership roles in claims, underwriting, product management and regional operations.
Todd A. Combs, who had been CEO since 2020, is leaving GEICO for a position at JPMOrgan Chase & Co. Berkshire Hathaway CEO Warren Buffett said Combs “made many great strides at GEICO and broadened horizons.”
Related: What Progressive and GEICO Q3 Results Reveal About Auto Insurance Profit, Growth
Of the change at the top of GEICO, Investment bank Keefe, Bruyette & Woods said “change is inevitable when a 50 year-plus CEO steps back.”
“Implying no disrespect to incoming president and CEO Greg Abel, we expect more turnover in coming months, since the cache of working for Mr. Buffett’s successor is not (at least yet) the same as working for Mr. Buffett himself,” KBW added. Buffett, 95, at year end is stepping down as Berkshire CEO after 60 years. Greg Abel is slated to take over.
Related: Buffett to Step Down Following Six-Decade Run Atop Berkshire
Berkshire Hathaway also announced the retirement of CFO Marc D. Hamburg, effective June 1, 2027, after 40 years of service. He will be succeeded by Charles C. Chang, effective June 1, 2026. He currently serves as CFO of Berkshire Hathaway Energy. He and Hamburg will “work together to ensure a smooth and seamless transition,” Berkshire Hathaway said.
In addition, Berkshire Hathaway said Michael J. O’Sullivan will become senior vice president and general counsel on January 1. He joins from Snap, Inc., where he was general counsel since 2017.
Berkshire said the hiring of O’Sullivan creates a new position. The conglomerate had utilized outside counsel for corporate matters.
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