(Bloomberg) — Greg Abel, the chairman and chief executive officer of Berkshire Hathaway Inc.'s energy unit, saw his pay more than double last year to $27.6 million, driven by a cash payout under an incentive plan established six years ago.
The package included $1 million in salary, an $11.5 million bonus and an additional $12 million under the incentive program, according to a regulatory filing Monday from the unit of Omaha, Nebraska-based Berkshire. Abel's pay in 2013 was $10.7 million. The incentive plan provides an award for meeting profit targets.
Abel's profile has been rising at Berkshire, the holding company run by billionaire CEO Warren Buffett. The energy unit has increasingly become a place for the company to spend its mounting cash hoard on projects and acquisitions that earn reliable returns. On Saturday, Berkshire Vice Chairman Charles Munger singled out Abel, 52, for praise, fueling speculation that he's on a short list to succeed Buffett, 84.
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