One of Warren Buffett's top deputies has amassed a stake in Berkshire Hathaway Inc. valued at more than $ 100 million.
Ajit Jain, the insurance executive who was named vice president of Buffett's conglomerate earlier this month, revealed the holdings in a regulatory filing on Thursday. A large part of the participation is in the hands of a foundation and he trusts the name of his family, and his wife also owns some of the shares. Jain directly controls around $ 22 million of the shares.
The disclosure offers a look at the finances of one of Berkshire's most important executives. Jain, 66, joined the conglomerate based in Omaha, Nebraska, three decades ago and led a boost in the reinsurance industry. Eventually, working from an office in Stamford, Connecticut, he built a business that has provided billions of dollars for investments and acquisitions. Buffett, 87, has repeatedly said that Jain probably made more money for shareholders than he did.
Last week, Berkshire's president and chief executive promoted Jain and Greg Abel, the general manager of the Berkshire power unit, to the newly created vice-president roles. Jain will be in charge of the company's insurance operations, which include Geico, Gen Re and a handful of other operators. Abel, 55, oversees the other businesses, which range from the BNSF railroad and Fruit of the Loom to Duracell and Dairy Queen. Buffett said the promotions were part of a "movement toward succession".
Even with Jain's prominent role, its wealth has been difficult to pin down. Historically, his salary was not included in Berkshire proxy filings, although some of the company's insurance subsidiaries disclose what they pay him. National Indemnity said it received $ 11.8 million in 2015, for example.
Abel's compensation has been easier to follow. Berkshire Hathaway Energy, the business he ran, regularly disclosed his salary. (It was $ 17.5 million in 2016.) Abel also had a stake in the unit that could become more than $ 400 million in Berkshire shares, according to a regulatory filing last year.
Buffett has said his final successor since the Berkshire CEO will earn more money than he could possibly need. Even so, the billionaire has said that the person who follows him should not be motivated by "ego" or "greed" to "reach the salary that equals his most generously compensated peers."
For decades, Buffett has earned an annual salary of $ 100,000. Most of his wealth derives from his ownership of Berkshire shares, which he built from a struggling textile manufacturer in a business valued at more than half a trillion dollars.
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