(BRK.A), (BRK.B)
In a surprise move, Berkshire Hathaway has broken with its longstanding tradition of only acquiring companies that provide management and has appointed new executives to lead Pilot Company.
The largest operator of travel centers in North America, Pilot Company has become a pillar of the transportation ecosystem, providing fuel and other services to millions of travelers each year.
The announcement came today that Adam Wright will be joining the company as Chief Executive Officer, and Joe Lillo will become Chief Financial Officer. Both executives are longtime Berkshire Hathaway employees, and they will officially take their positions on May 30, 2023. Shameek Konar and Kevin Wills, the current CEO and CFO, will be leaving their respective positions after supporting the transition.
After Berkshire Hathaway became the majority owner of Pilot Company on January 31, 2023, they identified Wright and Lillo as the best candidates to lead the company’s long-term growth and vision plans. Wright has over two decades of experience as a leader in the energy sector, and Lillo has been an integral part of the Berkshire Hathaway Energy family of businesses for more than 25 years.
Greg Abel, Vice Chair, Non-Insurance Operations for Berkshire Hathaway, commented on the appointment, saying, “Pilot Company has become one of the most future-forward companies in our industry. Adam’s energy expertise, leadership, and focus on customer satisfaction will help ensure Pilot Company remains a pillar of North America’s transportation ecosystem for decades to come. From the beginning of our journey together, Berkshire Hathaway recognized Pilot Company as a strong business that was well-positioned for the long term and was backed by an innovative and hardworking team. I am confident Adam and Joe have a solid platform from which to propel the company forward.”
It’s an honor to join the Pilot family and to lead such an influential company that has fueled millions of journeys over the past 65 years,” said Wright. “Pilot remains focused on meeting the unique needs of our pro drivers, fleets, guests, and Team Members while advancing a strong company strategy that positions us for the future.”
The Haslam family continues to be an integral part of the company with 20 percent ownership and James A. Haslam II, founder of Pilot Company, and James A. “Jimmy” Haslam III as members of the Board.
“I want to thank Shameek and Kevin for all that they have done for Pilot Company. They have been instrumental in leading our over 30,000 Team Members through several years of growth and innovation,” said Jimmy Haslam. “While we express our utmost gratitude to them, I also want to welcome Adam, Joe and their families to Pilot Company and to the Knoxville community.”
© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.