By Andrew Bary

Marc Hamburg, the longtime chief financial officer at Berkshire Hathaway, will get a private-jet benefit after his retirement on June 1 that's worth nearly $500,000 annually.

The unusual perk by Berkshire was in recognition of Hamburg's "many decades of service," Berkshire said in a filing late Thursday.

Hamburg joined Berkshire in 1987 and Chairman Warren Buffett lauded Hamburg in announcing his retirement last December, saying in a statement: "Marc has been indispensable to Berkshire and to me. His integrity and judgment are priceless. He has done more for this company than many of our shareholders will ever know."

Hamburg also was a bargain for Berkshire shareholders. He was paid about $4 million annually in each of the past three years. His successor, Charles Chang, who comes from Berkshire Hathaway Energy, the company's utility business, will earn an annual salary of $8 million annually, which is in line with the average compensation for big-company CFOs.

Hamburg, who is believed to be around 76, played a key role in preparing Berkshire's financial statements and kept a very low profile.

Berkshire said that Hamburg will receive up to 30 flight hours per year on a midsize NetJets aircraft ending no later than May 31, 2027. NetJets, a leading private-jet provider, is owned by Berkshire.

Berkshire said it would also pay taxes related to that postretirement benefit with the total cost of about $490,000 annually. That suggests the cost of the jet service is more than $10,000 per hour.

Berkshire generally gives no perks to company executives, including country-club memberships and private-jet services. Buffett uses NetJets for his personal travel, paying "standard rates," according to the Berkshire proxy. This means he gets no discount as Berkshire chairman.

Hamburg has long been listed as the contact on Berkshire's earnings reports, but didn't return occasional calls from Barron's on the reports over the years and has almost never been quoted in news articles. He also had little contact with Wall Street analysts.

When Berkshire wanted to talk publicly, it fell to Warren Buffett and now CEO Greg Abel.

Write to Andrew Bary at andrew.bary@barrons.com

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May 08, 2026 11:47 ET (15:47 GMT)

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