The top executive of MidAmerican Energy Holdings Co. (MEHC) was paid $9.9 million in 2011, while ex-chairman David Sokol will be receiving $1 million a year in retirement pay.
The information was disclosed in MEHC's 2011 annual report filed with the U.S. Security and Exchange Commission (SEC) Feb. 27. MEHC is a subsidiary of Berkshire Hathaway, the Omaha-based conglomerate controlled by Warren Buffett.
Sokol was MEHC's chairman and heir apparent to Buffett, but he resigned nearly a year ago amid questions about his stock purchases in Lubrizol, a company which was later acquired by Berkshire Hathaway.
After Sokol stepped down, then-president and CEO Greg Abel took on the added role as chairman of the energy holding firm.
In addition to MidAmerican Energy and PacifiCorp utilities, the holding company owns Northern Natural Gas, Kern River Gas Transmission Company, United Kingdom utilities Northern Powergrid Holdings Limited and Northern Powergrid (Yorkshire), CalEnergy Philippines, MidAmerican Renewables, LLC (formerly CalEnergy U.S.), and HomeServices of America, Inc., a Minneapolis-based real estate company.
Abel was given a $7 million bonus in 2011, a $6 million bonus in 2010 and a $5 million bonus in 2009, according to the SEC report. MEHC stock is owned by Berkshire Hathaway (90%), Walter Scott, Jr. and his family and related entities (10%) and Abel (1%).
In addition to his base salary of $1 million and the $7 million bonus in 2011, Abel's compensation also included $1.7 million in Supplemental Executive Retirement Plan (SERP) contributions and nearly $150,000 in personal use of corporate aircraft.
