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Berkshire's Jain, Abel Got $36 Million in 2018 After Promotions

Bloomberg logoBloomberg 3/16/2019 Katherine Chiglinsky and Anders Melin

In this file photo from May 5, 2014, Berkshire Hathaway Chairman and CEO Warren Buffett laughs in Omaha, Neb. Nati Harnik/AP© Nati Harnik/AP In this file photo from May 5, 2014, Berkshire Hathaway Chairman and CEO Warren Buffett laughs in Omaha, Neb. Nati Harnik/AP Berkshire Hathaway Inc.’s newest vice chairmen, Ajit Jain and Greg Abel, each collected about $18 million in total compensation in 2018 after recent promotions.

The pay consisted of $16 million salaries and $2 million bonuses, according to a regulatory filing Friday.

The pay packages dwarf the famously low compensation that Chief Executive Officer Warren Buffett, 88, receives. Buffett and his business partner, Vice Chairman Charles Munger, 95, received salaries of $100,000 each. Berkshire also pays for Buffett’s security.

Berkshire’s board elevated Jain and Abel last year with Buffett acknowledging it was part of a “movement toward succession.” Buffett has praised the duo, saying that Berkshire is “far better managed” with the two in their new positions.

Buffett has long kept his salary at $100,000 and reimburses Berkshire for some costs, but he still ranks among the wealthiest people on the planet due to his holdings of Berkshire stock. He’s worth $84.3 billion, according to the Bloomberg Billionaires Index.

To contact the reporters on this story: Katherine Chiglinsky in New York at kchiglinsky@bloomberg.net;Anders Melin in New York at amelin3@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Pierre Paulden, Alan Mirabella

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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