Berkshire Hathaway announced that Nancy L. Pierce has been appointed Chief Executive Officer of GEICO, effective immediately. Pierce currently serves as Chief Operating Officer of GEICO and, since joining the company in 1986, has held leadership roles across claims, underwriting, product management and regional operations.

“Nancy knows the business inside and out. She’s practical, decisive and focused on results. I have full confidence in her ability to move GEICO forward,” said Ajit Jain, Vice Chairman – Insurance Operations, in a statement.

As part of this transition, Todd A. Combs will conclude his tenure at Berkshire Hathaway and join JPMorgan Chase & Co., where he has served as a director of its board since 2016.

Warren E. Buffett, Berkshire’s Chairman, added: “Todd A. Combs, CEO of GEICO since 2020, has resigned to accept an interesting and important job at JPMorgan, which they describe in a press release that will be available very soon on their website. Todd made many great hires at GEICO and broadened its horizons. JPMorgan, as usually is the case, has made a good decision.”

Berkshire Hathaway also announced that Marc D. Hamburg, Senior Vice President and Chief Financial Officer, will retire from the company on June 1, 2027, after 40 years of service.

“Marc has been indispensable to Berkshire and to me. His integrity and judgment are priceless. He has done more for this company than many of our shareholders will ever know,” said Buffett. “His impact has been extraordinary.”

Charles C. Chang will succeed Hamburg as SVP and CFO of Berkshire Hathaway, effective June 1, 2026. Hamburg and Chang will work together to ensure a smooth and seamless transition period. Chang will be based in Omaha. He currently serves as SVP and CFO of Berkshire Hathaway Energy, a role he has held since 2024. Prior to joining Berkshire Hathaway Energy, Chang was a partner at PricewaterhouseCoopers.

Michael J. O’Sullivan has been appointed SVP and General Counsel, effective January 1, 2026. He will also be based in Omaha. O’Sullivan joins Berkshire Hathaway from Snap Inc., where he has served as general counsel since 2017. Previously, he practiced law at Munger, Tolles & Olson for more than two decades, advising companies on corporate governance matters, litigation and mergers and acquisitions. His appointment marks the creation of a new position at Berkshire Hathaway, which has for decades primarily utilized external legal counsel for corporate matters.