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Buffett's Berkshire says Abel, Jain each make $18 million

https://www.oann.com/buffetts-berkshire-says-abel-jain-each-make-18-million/
See More From: oann.com

Mar 15, 2019 5:51 PM 1+ week ago

(Reuters) - Berkshire Hathaway Inc on Friday said its newest vice chairmen, Greg Abel and Ajit Jain, were each awarded about $18 million last year, in the first detailed look at the pay of the men considered the leading candidates to succeed Warren Buffett as the conglomerate's chief executive.

Abel, 56, and Jain, 67, who became vice chairmen in January 2018, both received $16 million in salary plus $2 million in bonus, according to a U.S. Securities and Exchange Commission filing. Buffett sets compensation for both.

The payouts show Buffett's willingness to pay Berkshire's younger leaders in a manner similar to that at other publicly-traded companies, though Berkshire does not grant stock options.

For more than a quarter of a century, Buffett has taken a $100,000 salary at Berkshire. But his 16.5 percent ownership stake in the Omaha, Nebraska-based company forms the bulk of his net worth, estimated at $84.4 billion by Forbes magazine.

Abel oversees Berkshire's non-insurance operations such as the BNSF railroad, aircraft parts maker Precision ...

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