Marc Hamburg to receive annual private-jet benefit after Berkshire retirement
Updated
Updated · Barron's · May 8
Marc Hamburg to receive annual private-jet benefit after Berkshire retirement
8 articles · Updated · Barron's · May 8
Berkshire said the perk, effective after his June 1 retirement, covers up to 30 NetJets flight hours a year through May 31, 2027, plus related taxes, costing about $490,000 annually.
The company said the unusual benefit recognises Hamburg’s decades of service since joining in 1987; Warren Buffett previously called him indispensable to Berkshire and to him personally.
Hamburg earned about $4 million annually in the past three years, while successor Charles Chang will receive $8 million. Berkshire generally offers executives few perks, and Buffett pays standard rates for NetJets travel.
As Berkshire enters a new era, is a $500K jet perk a final tribute or the new normal for executive pay?
With the new CFO's salary doubling, is Berkshire's legendary frugal compensation culture now a thing of the past?