Feb 27 Gregory Abel, chief executive of the
energy unit of Warren Buffett's Berkshire Hathaway Inc,
was awarded $17.52 million in compensation last year, mainly in
the form of a bonus, a regulatory filing shows.
Abel, 54, received a $15 million bonus under a performance
incentive plan at Berkshire Hathaway Energy, where he has been
chief executive since 2008 and chairman since 2011. He also got
a $1 million salary plus $1.52 million of other awards.
The total amount was down from $40.77 million in 2015, which
included $39.5 million of incentive and bonus pay, and made Abel
one of the best-paid U.S. executives.
Many investors and analysts consider Abel a top candidate to
succeed Buffett, 86, as Berkshire's chief executive. Abel also
sits on the board of food company Kraft Heinz Co,
controlled by Berkshire and Brazilian private equity firm 3G
Buffett's compensation is normally disclosed in March. The
world's second-richest person takes a $100,000 salary for
running Berkshire. His total compensation was $470,244 in 2015,
mainly reflecting the cost of security to keep him safe.
Berkshire owns 90 percent of Berkshire Hathaway Energy.
Its profit from the unit, which consists of utilities,
natural gas pipelines, other energy businesses and a real estate
brokerage, rose 7 percent in 2016 to $2.29 billion.
Results benefited as lower fuel prices boosted margins at
PacifiCorp, which runs a regulated utility in several western
U.S. states, while acquisitions and rising home prices boosted
profit at the real estate brokerage.
Though Buffett did not mention Abel by name in his annual
letter to Berkshire shareholders on Saturday, he said Berkshire
Hathaway Energy owns assets that are "of major importance to our
country" and enjoys an "ever-widening diversity of earnings
streams," including from wind energy.
(Reporting by Jonathan Stempel in New York; Editing by David