Todd Combs thanked Geico employees, trumpeted the auto insurer’s prospects, and championed his successor as CEO in a farewell email on Monday obtained by Business Insider.
Combs — one of Warren Buffett’s two investment managers at Berkshire Hathaway for the past 15 years, and the CEO of Berkshire-owned Geico since 2020 — struck a grateful tone in his goodbye message, saying it was a “privilege” and “honor” to lead the company.
The departing boss said he was confident in Geico and its “ongoing transformation,” and that it had “tremendous momentum — and that momentum belongs to you.”
Read more of our reporting on the leadership transformation underway at Berkshire Hathaway:
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Combs hailed new CEO Nancy Pierce, an almost 40-year Geico veteran who was previously its operating chief, as the “right leader” for Geico and “uniquely qualified” to take it to the “next level.”
The former hedge fund manager is leaving Berkshire to head up JPMorgan’s $10 billion Strategic Investment Group and serve as a special advisor to the bank’s CEO, Jamie Dimon.
Geico declined a request for comment from Business Insider.
Read Combs’ full letter below:
GEICO Associates,
As I reflect on today’s news and my time with GEICO, I feel an overwhelming sense of gratitude and pride. It has been my privilege to serve as your CEO since early 2020, and to work alongside the people who have made this company what it is today.
I believe strongly in GEICO and in the vision that drives its ongoing transformation. As our company and our industry have continued to grow and evolve, you have brought your talent, dedication, and innovation to your work every day. Together, we’ve built an organization ready to meet the challenges and opportunities of the future with tremendous momentum – and that momentum belongs to you.
What gives me the greatest confidence as I step into a new role at JPMorganChase is the strength of our leadership team – and especially the strength of your new CEO. Nancy Pierce is the right leader for this company, and she is uniquely qualified to lead GEICO to the next level and continue the gains that have been achieved.
Thank you for your trust in our team and our strategic vision. Most of all, thank you for your energy and hard work on behalf of our customers and one another. It has been my honor to be part of this organization.
With sincere appreciation,
Todd
Combs led a comeback
Combs spearheaded a turnaround at Geico that saw it swing from a pre-tax underwriting loss of $1.9 billion in 2023, to a $3.6 billion profit in 2024, then a $7.8 billion profit in the 2025 financial year.
Buffett told Berkshire shareholders in his annual letter this year that Combs had “reshaped Geico in a major way, increasing efficiency and bringing underwriting practices up to date,” and described the company’s performance in 2024 as “spectacular.”
The legendary investor, now in the final stretch of his six-decade run as Berkshire’s CEO with Greg Abel set to take over on New Year’s Day, wrote that Geico was a “long-held gem that needed major repolishing” and Combs had “worked tirelessly in getting the job done.”
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