Entrepreneurship GEICO: From bankruptcy to becoming a fully-owned subsidiary of Warren Buffett's Berkshire Updated : February 25, 2019 12:55 PM IST The first decision which brought Buffett to believe in Nicely was to appoint Jack Byrne as the CEO of GEICO in 1976. Buffett said that Byrne, was the 'perfect man for the job'. With Buffett's investments and Bryne's three-step rescue plan, the company was saved and it regained its reputation and profitability. However, business growth was still a struggle. To boost growth Nicely was promoted to CEO, in 1993 and in two years, the GEICO was back in business.