Marc Hamburg
About Marc Hamburg
Marc D. Hamburg serves as Senior Vice President, Chief Financial Officer (Principal Financial Officer), and Secretary of Berkshire Hathaway Inc., signing the company’s Form 10-K and Sarbanes–Oxley certifications for many years, evidencing tenure in the CFO role since at least 2019 and through FY 2024 and Q1 2025 . Berkshire’s five-year total shareholder return reached 100.5% (value of $100 investment grew to $200.51) and net operating earnings rose from $21.9B (2020) to $47.4B (2024), a 164% increase, providing context for performance during his continuing tenure . The proxy focuses executive biographies on directors; education and age for Mr. Hamburg are not disclosed in recent company proxies .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Berkshire Hathaway Inc. | Senior Vice President, Chief Financial Officer (Principal Financial Officer) and Secretary | ≥2019–2025 (10-K signatures and proxy roles) | Principal financial officer signing 10‑K; Section 906 certification; corporate secretary for proxies |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in Berkshire proxies and 8‑K officer items for 2023–2025 | — | — | Company proxies emphasize director bios; no external directorships for Mr. Hamburg found |
Fixed Compensation
Multi-year summary for Marc D. Hamburg (Named Executive Officer: Senior Vice President/CFO):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 3,567,300 | 3,812,500 | 4,062,500 |
| Bonus ($) | — (no bonus reported) | — (no bonus reported) | — (no bonus reported) |
| All Other Compensation ($) | 17,330 (defined contribution; includes limited aircraft use) | 40,961 (defined contribution; includes aircraft use) | 18,546 (defined contribution; includes aircraft use) |
| Total Compensation ($) | 3,584,630 | 3,853,461 | 4,081,046 |
Perquisites and benefits detail:
| Perquisite/Benefit | 2022 | 2023 | 2024 |
|---|---|---|---|
| Personal aircraft use ($) | 2,080 (included in All Other) | 24,461 (included in All Other) | 1,296 (included in All Other) |
| Defined contribution plan contributions ($) | Included in All Other (exact not itemized) | Included in All Other (exact not itemized) | Included in All Other (exact not itemized) |
Key compensation policy points:
- Compensation is set by Warren E. Buffett based on subjective factors (perception of performance and responsibilities); Berkshire does not consider company profitability or stock price in executive pay .
- Berkshire “never intends to use Berkshire stock in compensating employees” and has not granted stock options to executive officers; equity is not part of Hamburg’s pay mix .
Performance Compensation
Berkshire’s framework does not use formulaic performance metrics for corporate-level NEO compensation, and Hamburg did not receive bonuses or equity awards in 2022–2024:
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Corporate bonus plan (CFO) | Not used | N/A | N/A | No bonus paid in 2022–2024 | N/A |
| Stock/Option awards | Not used | N/A | N/A | None (policy avoids equity) | N/A |
Berkshire delegates to Mr. Buffett the responsibility to set compensation for Marc Hamburg and two Vice Chairmen, using subjective considerations rather than quantitative performance hurdles .
Equity Ownership & Alignment
- Equity awards: None; Berkshire does not use stock in compensating employees .
- Options: None; Berkshire has not granted stock options to executive officers .
- Beneficial ownership: Recent proxies present director and executive group ownership but do not provide an individual line for Marc Hamburg; group totals (Class A: 207,726; Class B: 5,003,199 as of March 5, 2025) are disclosed .
- Pledging/hedging: No pledging disclosures specific to Hamburg; Berkshire maintains an Insider Trading Policy applicable to directors, officers, and employees .
| Alignment Factor | Status |
|---|---|
| Equity awards (RSUs/PSUs) | None |
| Stock options | None |
| Individual beneficial ownership | Not individually disclosed; only group totals shown |
| Shares pledged | Not disclosed for Hamburg |
| Insider Trading Policy | Policy posted on company website; applies to officers |
Employment Terms
No individual employment agreement, severance, or change‑of‑control terms for Hamburg are discussed in recent proxies. Berkshire maintains standard governance policies relevant to compensation recovery and insider trading.
| Term | Details |
|---|---|
| Employment agreement | Not disclosed in 2023–2025 proxies |
| Severance provisions | Not disclosed for Hamburg |
| Change-of-control provisions | Not disclosed for Hamburg |
| Clawback policy | “Policy Relating to Recovery of Erroneously Awarded Compensation” (Exhibit 97 to FY 2024 10‑K) |
| Insider Trading Policy | Adopted; available on Berkshire’s website |
Performance & Track Record
Company-level results during Hamburg’s ongoing tenure:
- Total Shareholder Return: $100 invested at 12/31/2019 grew to $200.51 at 12/31/2024; S&P Property‑Casualty Index comparator reached $227.67 .
- Net Operating Earnings: $21.9B (2020), $27.6B (2021), $30.8B (2022), $37.4B (2023), $47.4B (2024), +164% over five years .
Succession context:
- Board appointed Greg Abel to become President and CEO effective January 1, 2026; Warren Buffett to remain Chairman—8‑K signed by Marc D. Hamburg as CFO .
Compensation Committee Analysis
- Governance, Compensation and Nominating Committee oversees CEO compensation and CD&A; compensation for Hamburg is set by Mr. Buffett under delegated authority, consistent with Berkshire’s decentralized, non‑equity approach .
- Berkshire historically received strong say‑on‑pay support (92.2% approval in 2020), aligning with the company’s low‑equity, straightforward pay philosophy .
Risk Indicators & Red Flags
- Equity-based incentives, option repricing, tax gross‑ups: Not utilized at Berkshire; none disclosed for Hamburg .
- Clawback policy present (Exhibit 97), mitigating risk of erroneous awards .
- Pledging/hedging: No Hamburg-specific disclosure; Insider Trading Policy exists .
- Insider selling pressure: Low, given no equity grants or options .
Investment Implications
- Alignment: Cash‑only compensation and long-tenured CFO oversight of financial reporting provide stability; absence of equity awards minimizes forced selling pressure and reduces dilution or EPS overhang .
- Pay‑for‑performance signals: Berkshire’s policy avoids formulaic metrics and equity, limiting traditional incentive alignment; evaluation is subjective by Mr. Buffett, consistent with the firm’s culture .
- Governance and risk: Presence of clawback and insider trading policies supports control frameworks; upcoming CEO transition to Greg Abel elevates the importance of CFO continuity for reporting integrity and capital allocation; Hamburg’s continued role as principal financial officer is a stabilizing factor .