Berkshire Hathaway, the holding company and conglomerate run by Warren Buffett, has named Nancy L. Pierce chief executive officer (CEO) of GEICO, effective immediately.
She currently serves as GEICO’s chief operating officer and has held leadership roles in claims, underwriting, product management and regional operations since joining the company in 1986.
Ajit Jain, Vice Chairman of Insurance Operations, commented: “Nancy knows the business inside out. She is pragmatic, decisive and results-oriented. I have full confidence in her ability to drive GEICO forward.”
As part of this transition, Todd A. Combs will end his tenure at Berkshire Hathaway and join JPMorgan Chase & Co., where he has served as a director on the board of directors since 2016.
Berkshire Chairman Warren E. Buffett said: “Todd A. Combs, chief executive officer of GEICO since 2020, has resigned to accept an interesting and important job with JPMorgan Chase, which they described in a press release that will be posted on their website soon. Todd has hired many great employees at GEICO and broadened the horizons of the company. As always, JPMorgan Chase has made a smart decision.”
Additionally, Charles C. Chang has been promoted to Senior Vice President (SVP) and Chief Financial Officer (CFO), effective June 1, 2026.
He succeeds Marc D. Hamburg, who held the same position, and has decided to retire from the company on June 1, 2027, after 40 years of service.
The two will work together to ensure a smooth and seamless transition. Zhang will be based in Omaha. He has served as senior vice president and chief financial officer of Berkshire Hathaway Energy, a position he has held since 2024.
Prior to that, Mr. Zhang was a partner at PricewaterhouseCoopers and has more than thirty years of experience in listed company financial reporting and mergers and acquisitions.
Berkshire Hathaway thanks Hamburg for his leadership and dedication since joining the company in 1987.
Buffett commented: “Mark is indispensable to Berkshire and to me. His integrity and judgment are priceless. He has done more for this company than many of our shareholders will ever know. His influence has been extraordinary.”
Michael J. O’Sullivan has been appointed senior vice president and general counsel, effective January 1, 2026, based in Omaha.
O’Sullivan joins Berkshire Hathaway from Snap Inc., where he served as general counsel since 2017. Previously, he practiced law at Munger, Tolles & Olson for more than twenty years, advising companies on corporate governance matters, litigation and mergers and acquisitions.
His appointment marks the creation of a new position at Berkshire Hathaway, which for decades has primarily used outside counsel to handle corporate matters.
On the non-insurance front, NetJets CEO Adam M. Johnson has been named president of Berkshire Hathaway’s consumer products, services and retail businesses, effective immediately, while continuing in his role at NetJets.
Johnson has nearly three decades of experience at NetJets, including 10 years as CEO, where he strengthened operations and built lasting customer relationships on a global platform.
Gregory E. Abel, vice chairman of non-insurance operations, said: “Adam is an accomplished leader with the ability to deliver long-term shareholder value. In his new role, he will support the outstanding CEO of our 32 consumer products, services and retail businesses and maintain Berkshire’s culture and values.”
The remaining non-insurance businesses – including Industrial Products, Building Products, BNSF, Berkshire Hathaway Energy, Pilot and McLane – will continue to be under Abell’s direct supervision as he takes over as Berkshire Hathaway’s president and CEO on January 1, 2026.
