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In a Monday email obtained by Business Insider, Todd Combs said goodbye to Geico employees.
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Warren Buffett’s deputy is leaving the Berkshire-owned insurance company to join JPMorgan Chase & Co. and advise Jamie Dimon.
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Scroll down to read Combs’ farewell message.
In a farewell email obtained by Business Insider on Monday, Todd Combs thanked Geico employees, touted the auto insurance company’s prospects and endorsed his CEO successor.
Combs, one of Warren Buffett’s two investment managers at Berkshire Hathaway over the past 15 years, has been CEO of Berkshire’s Geico since 2020. In his farewell message, he sounded grateful, calling it a “privilege” and “honor” to lead the company.
The outgoing boss said he was confident in Geico and its “continued transformation” and that it had “enormous momentum – and that momentum belongs to you”.
Read more of our reporting on Berkshire Hathaway’s ongoing leadership transformation:
Combs praised new CEO Nancy Pierce as the “right leader” for Geico and “uniquely qualified” to take it to the “next level.” Nancy Pierce is a nearly 40-year Geico veteran who served as Geico’s director of operations.
The former hedge fund manager will leave Berkshire to lead JPMorgan Chase’s $10 billion strategic investment group and serve as a special adviser to the bank’s chief executive, Jamie Dimon.
Geico declined Business Insider’s request for comment.
Government Employees Insurance Company Associates,
As I look back on today’s news and my time at GEICO, I feel incredibly grateful and proud. I have been honored to serve as your CEO since early 2020 and work alongside the people who have made this company what it is today.
I firmly believe in GEICO and the vision that drives its continued transformation. As our company and industry continue to grow and evolve, you bring your talent, dedication and innovation to work every day. Together, we build an organization that can meet the challenges and opportunities of the future with tremendous momentum—and that momentum belongs to you.
As I take on my new role at JPMorgan Chase, what gives me the greatest confidence is the strength of our leadership team, especially the new CEO. Nancy Pierce is the right leader for this company and she is uniquely qualified to lead GEICO to the next level and build on the results achieved.
Thank you for your trust in our team and our strategic vision. Most of all, thank you for your energy and hard work for our clients and each other. I am honored to be a part of this organization.
With sincere gratitude,
Todd
