Buffett, now 95, has retired from operating responsibilities but remains chairman and remains involved in the company.Abel spent the past eight years as vice chairman responsible for Berkshire’s non-insurance activities and has long been seen as Buffett’s chosen successor. His compensation during that period was also set by Buffett. In 2024, Abel earned a salary of $21 million, after making $20 million in 2023. In 2022, he received a salary of $16 million along with a $3 million bonus.
Buffett had approved identical pay packages between 2022 and 2024 for Vice Chairman Ajit Jain, who oversees Berkshire’s insurance business. The company has not yet announced 2025 compensation details for Abel and Jain.
Buffett led Omaha-based Berkshire Hathaway for more than 60 years, transforming it from a struggling textile company into a diversified conglomerate now valued at more than $1 trillion. Today, Berkshire owns or controls nearly 200 companies in insurance, railroads, energy, manufacturing and retail.
Key assets include Geico auto insurance, the BNSF railroad, an extensive utility network and well-known consumer brands such as See’s Candies and Brooks running shoes. Despite retiring from executive management, Buffett remains one of the richest individuals in the world and remains chairman of Berkshire. During his tenure, the company repeatedly noted in filings that its executive compensation philosophy was “different” from that of most publicly traded companies, reflecting Buffett’s long-standing preference for modest personal pay and strong alignment with shareholders.
Abel, on the other hand, has significant personal wealth tied to Berkshire. He owns about $171 million worth of Berkshire stock. In 2022, he sold his 1% stake in Berkshire Hathaway Energy to its parent company for $870 million, further strengthening his financial ties with the conglomerate.
Buffett has said he will continue to come to the office even after giving up operational control. With his retirement as CEO, he closes a defining chapter in the history of American business. Under his leadership, Berkshire became the ninth most valuable company in the United States and the nation’s second-largest property and casualty insurer, with stocks, bonds and cash of nearly $700 billion.
For decades, Berkshire’s annual shareholder meeting in Omaha, built around Buffett’s extended question-and-answer sessions, has drawn thousands of investors and admirers from around the world. Now that Abel is formally at the helm, investors will be closely watching how the next phase of leadership shapes one of America’s most influential companies.
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