Stephen Burke
About Stephen Burke
Stephen B. Burke, age 66, has served on Berkshire Hathaway’s Board since 2009. He was Chairman and CEO of NBCUniversal (2011–2020), President of Comcast Cable (1998–2011), and founded Madison Valley Partners in 2020. He is currently an independent director at JPMorgan Chase & Co.; he also served on Snowflake’s board from May 2023 to May 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NBCUniversal | Chairman & CEO | 2011–2020 | Senior operating leadership of a major media and technology company |
| Comcast Cable | President | 1998–2011 | Led cable operations at a large public company |
| Madison Valley Partners | Founder (investment firm) | 2020–present | Invests in Rocky Mountain/outdoor-oriented companies |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| JPMorgan Chase & Co. | Director | Current | Major financial institution; Burke cited as bringing financial expertise from this role |
| Snowflake Inc. | Director | May 2023–May 2024 | Technology company; tenure ended May 2024 |
Board Governance
- Independence: Determined independent under NYSE and SEC standards .
- Committee assignments: Member, Governance, Compensation and Nominating Committee; the Committee met once in 2024 and once in 2023 .
- Committee chair roles: Not a chair; Governance Committee chaired by Charlotte Guyman (committee report signatories include Burke) .
- Attendance: “Each then current director attended all meetings of the Board and of the Committees of the Board on which he or she served” in 2024 and 2023 (100% attendance) .
- Executive sessions: Independent directors met three times in 2024 and three times in 2023 .
- Lead Independent Director: Susan A. Decker .
- Audit Committee: Burke is not a member; AC met six times in 2024 and six times in 2023 .
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Fees Earned (Cash) | $2,700 | $2,700 | Berkshire pays per-meeting fees ($900 in-person; $300 by phone); Audit Committee members receive $1,000 quarterly; no D&O insurance provided to directors |
Performance Compensation
- None disclosed for directors; Berkshire’s director pay is limited to meeting fees and audit committee stipends. No equity, options, or performance-based awards are reported for Burke in 2023–2024 .
Other Directorships & Interlocks
| Area | Detail |
|---|---|
| Compensation/Governance interlocks | Governance Committee comprised of Guyman, Burke, Chenault, Murphy Jr.; none has ever been an officer/employee of Berkshire. In 2024, no executive officers served on boards/comp committees of entities where Berkshire directors were executive officers (no interlocks) . Same disclosure for 2023 . |
| Related persons transactions | Audit Committee oversees RPT approvals; 2024 proxy discloses legal fees paid to Munger, Tolles & Olson tied to Ronald Olson (not Burke). No related-party transactions involving Burke were disclosed . |
Expertise & Qualifications
- Senior operator: Former Chairman & CEO of NBCUniversal; former President of Comcast Cable .
- Financial expertise: Current director at JPMorgan Chase & Co. .
- Investor orientation: Founded Madison Valley Partners in 2020 .
Equity Ownership
| Metric | March 6, 2024 (Record Date) | March 5, 2025 (Record Date) |
|---|---|---|
| Class A shares beneficially owned | 28 | 28 |
| Class B shares beneficially owned | — | — |
| % of class outstanding | <0.1% for each class | <0.1% for each class |
| Notes | Beneficial owners exercise sole voting/investment power unless stated; Class A convertible into Class B, conversion not counted in B totals | Same methodology; no pledging noted for Burke |
Insider Trades
| Item | 2023 | 2024 |
|---|---|---|
| Section 16(a) compliance (company-wide) | Company believes all filing requirements were complied with, except one late report by another director; no Burke-specific delinquencies disclosed | Company believes all filing requirements were complied with; no Burke-specific delinquencies disclosed |
Governance Assessment
- Independence and attendance: Strong—independent director with 100% attendance in 2023–2024; engaged via Governance Committee service .
- Ownership alignment: Holds 28 Class A shares; Berkshire favors “owner-oriented” directors with significant personal investments, though no formal director ownership guideline is disclosed .
- Compensation alignment: Minimal, cash-only meeting fees; no equity or performance incentives that could misalign director oversight or risk appetites .
- Committee effectiveness: Governance Committee meets infrequently (once per year) reflecting Berkshire’s highly centralized CEO authority and decentralized subsidiary model; Burke participates in CD&A inclusion and CEO pay oversight via committee responsibilities .
- Potential conflicts: Current JPMorgan directorship noted; no Berkshire-related party transactions or director interlocks involving Burke disclosed. Legal RPT disclosure pertains to a different director (Ronald Olson) .
- Risk/oversight context: Lead Independent Director (Decker) and Audit Committee handle broader risk topics; Burke’s role complements governance oversight without audit responsibilities .
RED FLAGS: None disclosed specific to Burke. No related-party transactions, no pledging, and strong attendance. Note: Berkshire does not provide D&O insurance to directors, which is unusual in the market and may influence director risk considerations .