| Berkshire Hathaway Inc.'s outgoing Chief Financial Officer Marc Hamburg is getting an unusual perk for his retirement days: free flights on the conglomerate's jets. Hamburg will be granted as many as 30 hours of flights a year on mid-sized jets operated by Berkshire-owned NetJets Inc. through May 2037, the company said in a regulatory filing Thursday. The benefit, which is transferable to Hamburg's spouse if he dies before her, is estimated to cost Berkshire about $490,000 per year. Hamburg is stepping down from the role in June and will be replaced by Charles Chang. Following a one-year transition period, Hamburg will retire after 40 years of service. In a statement announcing the change last December, Berkshire Chairman Warren Buffett praised the executive's integrity and judgment. ALSO READ: 'Take A Bow': Warren Buffett Praises Apple's Tim Cook At Berkshire Meeting In Surprise Send-Off "He has done more for this company than many of our shareholders will ever know," Buffett wrote at the time. "His impact has been extraordinary." Berkshire is going through a major leadership transition after Buffett announced his intention to retire as chief executive officer last year. Greg Abel, who took the reins of the Omaha, Nebraska-based conglomerate this year, has shaken up top management, adding a general counsel position for the first time in decades and parting ways with Hamburg and long-time stock picker Todd Combs, who left for a role at JPMorgan Chase & Co. Hamburg's successor, who until now served as chief financial officer of Berkshire Hathaway Energy, will receive an $8 million cash salary in his new role, Berkshire said in the filing. That's almost double the compensation Hamburg received in 2025. |
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