Berkshire Hathaway is paying its new CEO, Greg Abel, $25 million each year, a big bump from Warren Buffett's pay.
Buffett, who retired last year, famously took an annual salary of $100,000 with no bonus or stock awards for over 40 years. Bloomberg estimates his net worth at $150 billion, the tenth-richest person in the world.
Abel, who was previously Buffett's deputy, was paid $21 million last year. CEOs of S&P 500 companies were paid an average of $18.9 million in 2024.
I believe he will maintain the company's investment philosophy even though he is known for having a more hands-on leadership style than Buffett.