Berkshire Hathaway overhauls insurance leadership, Nancy Pierce named GEICO CEO
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, has named Nancy L. Pierce as Chief Executive Officer (CEO) of GEICO, effective immediately.
She currently serves as Chief Operating Officer of GEICO and, since joining the company in 1986, has held leadership roles across claims, underwriting, product management and regional operations.
Ajit Jain, Vice Chairman – Insurance Operations, commented, “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.”
As part of this transition, Todd A. Combs will conclude his tenure at Berkshire Hathaway and join JPMorgan Chase & Co., where he has served as a Director of its Board since 2016.
Warren E. Buffett, Chairman of Berkshire, said, “Todd A. Combs, CEO of GEICO since 2020, has resigned to accept an interesting and important job at JPMorgan, which they describe in a press release that will be available very soon on their website. Todd made many great hires at GEICO and broadened its horizons. JPMorgan, as usually is the case, has made a good decision.”
Additionally, Charles C. Chang has been promoted as its Senior Vice President (SVP) and Chief Financial Officer (CFO), effective June 1st, 2026.
He succeeds Marc D. Hamburg, who served in the same roles and has decided to retire from the firm on June 1st, 2027, after four decades of service.
The duo will work together to ensure a smooth and seamless transition period. Chang will be based in Omaha. Since 2024, he has served as SVP and CFO of Berkshire Hathaway Energy, a role he has held since 2024.
Before this, Chang was a partner at PricewaterhouseCoopers, he has over three decades of experience in public company financial reporting and mergers and acquisitions.
Berkshire Hathaway extends its gratitude to Hamburg for his exceptional leadership and dedication since joining the company in 1987.
Buffett commented, “Marc has been 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 impact has been extraordinary.”
Michael J. O’Sullivan has been appointed SVP and General Counsel, effective January 1st, 2026, based in Omaha.
O’Sullivan joins Berkshire Hathaway from Snap Inc., where he has served as general counsel since 2017. Previously, he practised law at Munger, Tolles & Olson for over two decades, advising companies on corporate governance matters, litigation and mergers and acquisitions.
His appointment marks the creation of a new position at Berkshire Hathaway, which has for decades primarily utilised external legal counsel for corporate matters.
In Non-Insurance operations, Adam M. Johnson, CEO of NetJets, has been appointed President of the Consumer Products, Service and Retailing businesses of Berkshire Hathaway, 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 enduring customer relationships across a global platform.
Gregory E. Abel, Vice Chairman – Non-Insurance Operations, said, “Adam is an accomplished leader with a proven ability to deliver long-term shareholder value. In his new role, he will support the outstanding CEOs of our 32 consumer products, service and retailing businesses, and uphold Berkshire’s culture and values.”
The remaining non-insurance businesses – including industrial products, building products, BNSF, Berkshire Hathaway Energy, Pilot and McLane – will remain under Abel’s direct oversight as he assumes the role of President and CEO of Berkshire Hathaway on January 1st, 2026.
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