Berkshire Hathaway Inc. is providing its outgoing chief financial officer, Marc Hamburg, with a distinctive retirement perk: complimentary flights on the conglomerate's private jets. Hamburg, who is set to step down in June after a 40-year career, will receive up to 30 hours of flight time annually on mid-sized jets operated by Berkshire-owned NetJets Inc., according to a regulatory filing released Thursday. The benefit, which extends through May 2037 and is transferable to Hamburg's spouse in the event of his death, is estimated to cost Berkshire approximately US$490,000 per year.
Leadership Transition at Berkshire
Hamburg's departure marks a significant shift in Berkshire's leadership as the company undergoes a major transition following CEO Warren Buffett's announcement of his retirement last year. Greg Abel, who assumed control of the Omaha, Nebraska-based conglomerate this year, has been reshaping top management. Notably, Abel created a general counsel position for the first time in decades and oversaw the departures of Hamburg and long-time stock picker Todd Combs, who left for a role at JPMorgan Chase & Co.
Hamburg's Legacy and Compensation
In a statement announcing the change last December, Buffett praised Hamburg's integrity and judgment. “He has done more for this company than many of our shareholders will ever know,” Buffett wrote. “His impact has been extraordinary.” Hamburg will retire after a one-year transition period, during which he will assist his successor, Charles Chang, who previously served as chief financial officer of Berkshire Hathaway Energy. Chang will receive an US$8 million cash salary in his new role, nearly double the compensation Hamburg received in 2025.
The NetJets benefit is a notable addition to Hamburg's retirement package, reflecting Berkshire's appreciation for his decades of service. The filing did not specify whether Hamburg had previously used NetJets for business travel, but the perk underscores the company's commitment to rewarding long-tenured executives.
