Geico, an allowance aggregation endemic by Warren Buffett (Trades, Portfolio)'s Berkshire Hathaway Inc. (NYSE:BRK.A)(NYSE:BRK.B), said on Monday that Berkshire portfolio administrator Todd Combs will accomplish accepted CEO Bill Roberts, able New Year's Day.
The Chevy Chase, Maryland-based auto allowance aggregation writes allowance quotes for over 28 actor vehicles. Geico Executive Administrator Tony Nicely said in a account that Roberts told him and Berkshire Carnality Administrator Ajit Jain that he affairs to retire from Geico at the end of 2020. At the alpha of 2020, Roberts will duke his CEO role to Combs and accept the role of carnality chairman.
Geico's new CEO
Jain said in the columnist absolution that Combs, who ahead formed at Progressive Corp. (NYSE:PGR)'s allowance business, has a "strong career in insurance." Combs will additionally abide managing $14 billion of Berkshire's investments.
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According to Reuters, Keefe, Bruyette & Woods analyst Meyer Shields said Buffett "has talked about the overlap between" a acceptable broker and a acceptable businessperson and that by demography on the Geico CEO role, Combs can "broaden his operational expertise." Reuters added that Combs and Buffett's added lieutenant,Ted Weschler, are amid the top candidates to accomplish Buffett as CEO of Berkshire. Shields added added that Combs' role as Geico CEO ability advance to Combs afterwards Buffett.
Berkshire portfolio overview
Berkshire's $214.67-billion disinterestedness portfolio contains 48 stocks as of the division concluded Sep. 30, 2019, with new positions in Occidental Petroleum Corp. (NYSE:OXY) and RH (NYSE:RH). The top-holdings of Berkshire accommodate Cupertino, California-based tech behemothic Apple Inc. (NASDAQ:AAPL), Atlanta, Georgia-based cooler architect The Coca-Cola Co. (NYSE:KO) and big banks like Bank of America Corp. (NYSE:BAC) and Wells Fargo & Co. (NYSE:WFC).
Disclosure: No positions.
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