Geico promotes No. 2 executive to president

Jul 1, 2013

OMAHA, Neb. (AP) — Geico is promoting the car insurer's No. 2 executive to president and chief operating officer, but the Berkshire Hathaway company says Tony Nicely remains active as chairman and CEO.

Geico said Monday that Bill Roberts will take on more responsibility for the company's day-to-day operations. Roberts had been executive vice president of Geico since 2000, and he has been with the company since 1984.

Nicely often earns praise from Berkshire's CEO Warren Buffett, and some investors have speculated that Nicely could be a candidate to eventually replace Buffett as CEO.

But Nicely, who has worked at Geico for 52 years, might not be the leading candidate to replace Buffett because the billionaire has said his successor should be young enough to hold the job for a long time.

Copyright 2013 The Associated Press