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4-Traders Homepage  >  Equities  >  Nyse  >  Berkshire Hathaway Inc.    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, 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.

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.
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Financials ($)
Sales 2016 164 546 M
EBIT 2016 18 123 M
Net income 2016 19 375 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 18,23
P/E ratio 2017 17,66
Capi. / Sales 2016 2,16x
Capi. / Sales 2017 1,57x
Capitalization 355 525 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 241 667 $
Spread / Average Target 12%
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NameTitle
Warren Edward Buffett Chairman & Chief Executive Officer
Marc D. Hamburg CFO, Senior VP & Head-Investor Relations
Charles Thomas Munger Vice Chairman
David Sanford Gottesman Independent Director
Walter Scott Independent Director
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