Todd Combs, portfolio supervisor and funding officer of Berkshire Hathaway Inc., arrives for the morning session of the Allen & Co. Media and K
Todd Combs, portfolio supervisor and funding officer of Berkshire Hathaway Inc., arrives for the morning session of the Allen & Co. Media and Know-how Convention in Solar Valley, Idaho, U.S., on Friday, July 12, 2019.
Patrick T. Fallon / Bloomberg / Getty Pictures
Geico, the auto insurer owned by Berkshire Hathaway Inc, on Monday named Todd Combs, one among Warren Buffett’s portfolio managers, as its chief government officer, including new obligations for a person broadly seen as a possible successor to Buffett.
Combs, 48, will take over the second-largest U.S. auto insurer on Jan. 1, 2020, changing Invoice Roberts, a 35-year Geico veteran who grew to become chief government in June 2018. Roberts will change into a Geico vice chairman and plans to retire on the finish of 2020.
Geico, which has about 40,000 workers, mentioned Combs will proceed managing $14 billion of investments at Berkshire, the Omaha, Nebraska-based conglomerate he joined in 2010.
“That is an terrible lot of labor for one particular person,” mentioned Meyer Shields, a Keefe, Bruyette & Woods analyst with a “market carry out” ranking on Berkshire.
“Warren Buffett has talked in regards to the overlap between being a great investor and a great businessperson,” Shields mentioned. “This places that into motion, letting Combs broaden his operational experience.”
Many traders and analysts take into account Combs and Buffett’s different portfolio supervisor, Ted…