Jack Byrne left GEICO at mid-year to head Fireman’s Fund, leaving behind Bill Snyder as Chairman and Lou Simpson as Vice Chairman. Jack’s performance in reviving GEICO from near-bankruptcy was truly extraordinary, and his work resulted in enormous gains for Berkshire. We owe him a great deal for that. We are equally indebted to Jack for an achievement that eludes most outstanding leaders: he found managers to succeed him who have talents as valuable as his own. By his skill in identifying, attracting and developing Bill and Lou, Jack extended the benefits of his managerial stewardship well
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