Berkshire Hathaway said Friday it raised the pay of Vice Chairman Greg Abel, who is expected to succeed Warren Buffett as chief executive, in 2023 as the conglomerate posted a record operating profit.

Abel and Vice Chairman Ajit Jain, who respectively oversee Berkshire's non-insurance and insurance operations, were each awarded $20 million in salary.

Both had been paid $19 million in 2022, including a $16 million salary plus a $3 million bonus.

Buffett sets the pay for Abel and Jain. The billionaire's own compensation last year totaled $413,595, comprising his usual $100,000 salary plus personal and home security.