COMBS SUCCEEDS ROBERTS AS CHIEF EXECUTIVE AT GEICO

Berkshire Hathaway’s Geico motor insurance subsidiary has named Todd Combs as chief executive, succeeding Bill Roberts, who has stepped down as president and chief executive to become vice-chairman. Roberts, who has been with the Maryland-based company since 1984, will then retire from Geico at the end of 2020. The group said Combs, one of Berkshire’s investment managers, will continue to manage a $14bn investment portfolio for Berkshire. “I am looking forward to taking on the responsibilities of CEO at Geico,” said Combs. “They have a strong senior management team, a great organisation of 40,000 employees, a great brand, and are a very successful insurance company.” Geico is the second-largest US motor insurer.