Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Berkshire Hathaway Inc.    BRK.A   US0846701086

SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

Ex-Berkshire exec Sokol to get $1 mln a year in retirement pay

02/28/2012 | 11:54pm US/Eastern

(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.
Latest news on BERKSHIRE HATHAWAY INC.
1d agoDJBERKSHIRE HATHAWAY : At Least 4 Dead After Small Plane Crash at Kansas Airport -..
1d agoDJBERKSHIRE HATHAWAY : At Least 4 Dead After Small Plane Crash at Kansas Airport -..
1d agoDJBERKSHIRE HATHAWAY : Two Dead Following Small Plane Crash at Kansas Airport -- 2..
1d ago BERKSHIRE HATHAWAY : QSR Chain Dairy Queen Seeks Partner For India Foray
3d ago Berkshire Hathaway sells marketing unit
3d ago BERKSHIRE HATHAWAY : NetJets to the Middle Class: Subsidize the Global Super-Ric..
4d ago WARREN BUFFETT : Buffett's adviser picked to lead Pampered Chef
4d ago BERKSHIRE HATHAWAY : Prudential Prime Properties Joins Berkshire Hathaway HomeSe..
5d ago BERKSHIRE HATHAWAY : Prudential Prime Properties Becomes Part of Berkshire Hatha..
10/23 BERKSHIRE HATHAWAY : Scholar to Give Annual Accounting Lecture
Advertisement
Chart
Duration : Period :
Berkshire Hathaway Inc. Technical Analysis Chart | BRK.A | US0846701086 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF