Berkshire Hathaway hikes salary of CEO Greg Abel, – Business News
Berkshire Hathaway stated Tuesday it raised the salary of new Chief Executive Greg Abel to $25 million, far exceeding the $100,000 annual salary that his predecessor Warren Buffett accepted for more than 4 a long time.
Abel, 63, turned chief govt on Jan. 1, after spending eight years as vice chairman overseeing Berkshire’s non-insurance companies.
His compensation was set by Buffett during that period, and included a $21 million salary in 2024, a $20 million salary in 2023, and a $16 million salary plus a $3 million bonus in 2022.
Greg Abel, 63, turned chief govt on Jan. 1, after spending eight years as vice chairman overseeing Berkshire’s non-insurance companies. REUTERS
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 more than 60 years.
He constructed it into a more than $1 trillion conglomerate with practically 200 companies together with Geico car insurance coverage, the BNSF railroad and an array of different insurance coverage, vitality, manufacturing and retail operations.
Abel with Warren Buffett finally 12 months’s annual assembly. AP
Buffett stays Berkshire’s chairman and one of the world’s richest people. During his management, Berkshire had stated in regulatory filings that its govt compensation program was “different” from that at most public firms.
Abel additionally owns about $171 million of Berkshire stock, and in 2022 offered his 1% stake within the Berkshire Hathaway Energy business to Berkshire for $870 million.
