Warren Buffett's successor says he'll spend his entire yearly salary on Berkshire Hathaway stock
Nati Harnik/AP, FileBrendan McDermid/REUTERS
- Greg Abel says he'll spend his entire salary each year on Berkshire Hathaway shares.
- Abel succeeded Warren Buffett as Berkshire's CEO at the start of this year.
- He told CNBC that his take-home pay of around $15 million will go toward Berkshire stock purchases.
Greg Abel, who succeeded Warren Buffett as Berkshire Hathaway's CEO at the start of this year, has pledged to use his entire paycheck each year to purchase Berkshire shares.
Abel, whose annual salary for 2026 is $25 million, said during a CNBC interview on Thursday that he would spend his after-tax pay of around $15 million on Berkshire's Class A shares this year.
Berkshire's new boss published his first letter to shareholders on Saturday. He paid tribute to Buffett and laid out his plan to continue running the business in the same way going forward.
Abel told CNBC that Buffett was pleased by his commitment. The legendary investor liked that it was unique in corporate America and fit Berkshire's style, Abel said.
Buffett earned a $100,000 salary for more than 40 years as Berkshire CEO, and in recent years returned half that sum to cover the cost of his personal expenses.
This is a developing story.