Berkshire raises pay for Buffett’s successor Greg Abel to $20M
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(Reuters) — Berkshire Hathaway Inc. said on Friday it raised the pay of Vice Chairman Greg Abel, who is expected to succeed Warren Buffett as chief executive, in 2023 as the conglomerate posted a record operating profit.
Mr. Abel and Vice Chairman Ajit Jain, who respectively oversee Berkshire’s non-insurance and insurance operations, were each awarded $20 million in salary.
Both had been paid $19 million in 2022, including a $16 million salary plus a $3 million bonus.
Mr. Buffett sets the pay for Mr. Abel and Mr. Jain. The billionaire’s own compensation last year totaled $413,595, comprising his usual $100,000 salary plus personal and home security.
