Todd Combs, portfolio administrator and advance administrator of Berkshire Hathaway Inc., arrives for the morning affair of the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Friday, July 12, 2019.
Patrick T. Fallon / Bloomberg / Getty Images
Geico, the auto insurer endemic by Berkshire Hathaway, on Monday called Todd Combs as its arch controlling officer, accretion the role of one of Warren Buffett's portfolio managers, who is broadly apparent as a abeyant Buffett successor.
Combs, 48, will booty over on Jan. 1, 2020, replacing Bill Roberts, a 35-year Geico adept who became CEO in June 2018 and will abide carnality chairman.
Roberts told Tony Nicely, Geico's controlling administrator and his antecedent as CEO, in aboriginal November that he was axis 70 and planned to retire at the end of 2020, Nicely said.
Geico is the second-largest U.S. auto insurer, with about 40,000 employees. It said Combs will abide managing $14 billion of investments at Berkshire, the Omaha, Nebraska-based amassed he abutting in 2010.
"That's an abominable lot of assignment for one person," said Meyer Shields, a Keefe, Bruyette & Woods analyst with a "market perform" appraisement on Berkshire.
"Warren Buffett has talked about the overlap amid actuality a acceptable broker and a acceptable businessperson," Shields said. "This puts that into action, absolution Combs augment his operational expertise."
Combs, who already formed at Progressive Insurance, is additionally a JPMorgan Chase administrator and helped barrage Haven, a activity amid Berkshire, JPMorgan, and Amazon.com to abate their employees' health-care costs.
Many investors accede Combs and Berkshire portfolio administrator Ted Weschler top candidates to accomplish Buffett, 89, as Berkshire's arch advance officer.
The billionaire accustomed both at Berkshire's anniversary affair in May with award investments he ability not contrarily apprehend about.
Berkshire and Geico did not anon acknowledge to requests for comment.
Combs is nine years adolescent than Berkshire Carnality Administrator Greg Abel, broadly advised a top applicant to become Berkshire's CEO.
"Buffett has a lot of aplomb in Todd Combs, but Geico is a actual important authorization for Berkshire and I am somewhat afraid that addition with added acquaintance wasn't tapped," said James Shanahan, an Edward Jones & Co analyst with a "buy" appraisement on Berkshire. "It appears he's actuality clean-cut to do more."
Buffett began advance in Geico in 1951, back he bashed added than bisected his net account into the insurer.
Berkshire took abounding ascendancy of Geico in 1996, advantageous $2.3 billion for the 49% it did not already own.
Roberts abutting Geico in 1984 in its business department. He was a key disciplinarian of its amusing advertisements, some featuring a talking gecko. Rivals such as Allstate, Liberty Mutual, and Progressive now additionally use amusement in ads.
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