The Berkshire Hathaway CEO and chairman Warren Buffett saw a slight drop in compensation from 2013 to 2014, but the pay of his second-in-command has risen quite a bit because of an acquisition, we learn according to a regulatory filing.
Warren Buffett, chairman of the company, received a total dollar amount of $464,011 during 2014, which is a drop of 4.4% from his 2013 pay.
According to information from the SEC, Warren Buffett’s base pay is still $100,000, and the value of his home security services and company paid personal have dropped by $21,595.
The CFO of Berkshire Hathaway, Marc D Hamburg, saw a rise in compensation to $1.7 million, which is up 53% from 2013. The rising compensation is mainly due to a $500,000 bonus for performance at work. This comes because of his association with an acquisition that took place. In 2013, Hamburg’s base pay was $1.2 million. With the additional $500,000, his pay rose by 9%.
The filing does not tell us which acquisition was responsible for the bonus.
Back in October, Berkshire Hathaway made an announcement that it was purchasing Van Tuyl Group. They are the fifth-largest auto retailer and have 81 stores in 10 states. The deal closed in March of this year. Berkshire also agreed to purchase Duracell from Procter & Gamble last November, so the bonus could be due to either of these acquisitions.