Berkshire Hathaway mentioned Tuesday it raised the wage of new Chief Govt Greg Abel to $25 million, far exceeding the $100,000 annual wage that his predecessor Warren Buffett accepted for greater than 4 many years.
Abel, 63, grew to become chief govt on Jan. 1, after spending eight years as vice chairman overseeing Berkshire’s non-insurance companies.
His compensation was set by Buffett throughout that interval, and included a $21 million wage in 2024, a $20 million wage in 2023, and a $16 million wage plus a $3 million bonus in 2022.
Buffett awarded Vice Chairman Ajit Jain, who oversees Berkshire’s insurance coverage companies, the identical quantities from 2022 to 2024. Abel’s and Jain’s compensation for 2025 has not been disclosed.
Buffett, 95, ran Omaha, Nebraska-based Berkshire for greater than 60 years.
He constructed it right into a greater than $1 trillion conglomerate with practically 200 companies together with Geico automobile insurance coverage, the BNSF railroad and an array of different insurance coverage, vitality, manufacturing and retail operations.
Buffett stays Berkshire’s chairman and one of many world’s richest individuals. Throughout his management, Berkshire had mentioned in regulatory filings that its govt compensation program was “totally different” from that at most public corporations.
Abel additionally owns about $171 million of Berkshire inventory, and in 2022 bought his 1% stake within the Berkshire Hathaway Power enterprise to Berkshire for $870 million.
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