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Berkshire raises pay for Buffett's successor Greg Abel to $20 million

Reuters
·1-min read

March 15 (Reuters) - Berkshire Hathaway 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.

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.

Buffett sets the pay for Abel and Jain. The billionaire's own compensation last year totaled $413,595, comprising his usual $100,000 salary plus personal and home security.

(Reporting by Jonathan Stempel in New York Editing by Matthew Lewis)