Warren buffett used his annual letter to heap reward on tony well, the lengthy-time chief govt officer of berkshire hathaway inc.’s geico insurance unit.
The letter additionally offered some possibly unexpected information: well retired as ceo last 12 months
Properly exceeded off the reins of the second one-largest u.S. Automobile insurer to president invoice roberts on june 30, in keeping with the letter. Properly, who first joined geico at age 18 in 1961, is final chairman.
Geico, that is absolutely owned by berkshire, didn’t publicly announce the circulate, not like while roberts became named president in 2013. A september press release approximately geico breaking ground on a new office in tucson, arizona, diagnosed roberts as ceo, at the same time as a regulatory filing two months later nonetheless listed nicely as ceo.
Roberts has big footwear to fill, as buffett credited well for reinforcing sales 1200 percentage considering the fact that berkshire offered the company in 1995.
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