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BERKSHIRE HATHAWAY (BRK.A)
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Ex-Berkshire exec Sokol to get $1 mln a year in retirement pay

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02/29/2012 | 04:54am CEST
David Sokol of MidAmerican Holdings Company speaks during the Ira W. Sohn investment research conference in New York

(Reuters) - David Sokol, who left Berkshire Hathaway (>> Berkshire Hathaway Inc.) last year amid a scandal over his stock trading while at the company, would receive about $1 million in retirement payments every year, according to a regulatory filing.

(Reuters) - David Sokol, who left Berkshire Hathaway (>> Berkshire Hathaway Inc.) last year amid a scandal over his stock trading while at the company, would receive about $1 million in retirement payments every year, according to a regulatory filing.

Sokol received $750,000 in 2011 as part of supplemental executive retirement plan, or SERP, the filing showed.

"Sokol's post-termination SERP benefit is $1 million annually, paid in monthly installments. He elected a one-time lump sum payment of his MidAmerican Energy Company Retirement Plan benefit of $301,687, which was paid to him on May 1, 2011," MidAmerican said in the filing.

Sokol, who once chaired Berkshire's MidAmerican Energy unit, ran its NetJets plane leasing unit, and was a top Warren Buffett deal maker, was considered a leading contender to succeed Buffett as Berkshire's chief executive.

However, last year Buffett said Sokol had violated Berkshire insider trading rules by failing to disclose his purchase of Lubrizol shares, less than four weeks after starting talks with Citigroup Inc (>> Citigroup Inc.) bankers about the company.

Buffett told investors on Saturday the Berkshire board has identified his successor as chief executive, but did not disclose who.

Sokol received $231,250 as base salary in 2011 and his total compensation for the year amounted to $10.4 million, including a $10.1 million change in pension value, the latest filing showed.

(Reporting by Sakthi Prasad; Editing by Muralikumar Anantharaman)

Stocks treated in this article : Berkshire Hathaway Inc., Citigroup Inc.
Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY 0.76% 296620 Delayed Quote.-1.08%
CITIGROUP 0.67% 70.43 Delayed Quote.-3.83%
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Financials ($)
Sales 2018 240 B
EBIT 2018 16 737 M
Net income 2018 18 638 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 25,98
P/E ratio 2019 17,24
Capi. / Sales 2018 2,03x
Capi. / Sales 2019 1,85x
Capitalization 488 B
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Berkshire Hathaway Technical Analysis Chart | BRK.A | US0846701086 | 4-Traders
Technical analysis trends BERKSHIRE HATHAWAY
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 354 750 $
Spread / Average Target 21%
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Managers
NameTitle
Warren Edward Buffett Chairman & Chief Executive Officer
Marc D. Hamburg Chief Financial Officer & Senior Vice President
Charles Thomas Munger Vice Chairman
David Sanford Gottesman Independent Director
Walter Scott Independent Director
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