> Warren Buffett Blog: March 2019

Monday, March 25, 2019

Berkshire is rewarding Greg Abel and Ajit Jain

Mr Abel, 56, and Mr Jain, 67, who became vice-chairmen in January last year, both received US$16 million in salary plus US$2 million in bonus, showed a US SEC filing. Mr Buffett's total compensation last year was US$388,968. But his 16.5 per cent ownership stake in the company forms the bulk of his net worth, which is estimated at US$84.4 billion.

The payouts show Mr Buffett's willingness to pay Berkshire's younger leaders in a manner similar to that at other publicly traded companies.

Mr Abel oversees Berkshire's non-insurance operations such as the BNSF Railway, aircraft parts maker Precision Castparts, retail businesses such as Fruit of the Loom and Brooks running shoes, and Berkshire Hathaway Energy, where he remains executive chairman and owns 1 per cent of the voting stock.

Mr Jain, meanwhile, has long been Berkshire's top insurance executive, and oversees its businesses in that sector, including auto insurer Geico and reinsurer General Reinsurance.