Business | General

Buffett's salary remains unchanged

Berkshire paying over $28,000 more for the chief executive's personal security

  • AP
  • Published: 00:00 March 12, 2010
  • Gulf News

  • Warren Buffett, CEO of Berkshire Hathaway, received $519,490 total compensation in 2009, an increase of six per cent.
  • Image Credit: Bloomberg News

Omaha: Warren Buffett brought home less pay than Berkshire Hathaway's chief financial officer again last year, but the company is paying more to protect the billionaire these days.

Buffett, chairman and chief executive of the Omaha, Nebraska-based company, received $519,490 (Dh1.9 million) total compensation in 2009, an increase of six per cent, according to the proxy statement mailed to shareholders this week. The reason Buffett's compensation grew is Berkshire spent $28,781 more on his security.

Berkshire's chief financial officer, Marc Hamburg, saw his compensation grow 11 per cent, to $874,750 in 2009, to remain the top earner at the company's 21-person headquarters.

But Hamburg's pay is almost certainly less than the executives at some of Berkshire's subsidiaries, such as Geico and BNSF railroad. The salaries of executives at subsidiaries aren't disclosed.

Last year, Berkshire's net income soared 61 per cent to $8.055 billion, or $5,193 per Class A share, on a big swing in the value of its investments and derivatives.

Buffett's company also completed its biggest acquisition last month when it bought Burlington Northern Santa Fe Corp.

Buffett's salary remains at the same level it has been for more than 25 years: $100,000.

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