The chairman and CEO of Berkshire Hathaway Inc, Warren Buffett said that his successor would have better pay than he had to run the company.
Buffett told Bloomberg Television's Betty Liu in Omaha Nebraska, "I've written a memo to the board in terms of how they should design a pay package. It isn't 100,000 a year."
He is currently the third richest person in the world, with a fortune worth US$57 billion according to the Bloomberg Billionaire's Index. According to proxy statements, he would reimburse the company for half that amount to cover personal expenses, such as postage and phone bills.
He is also Berkshire's largest shareholder and his fortune is built on the company he guided together with Vice Chairman Charles Munger into the US$264 billion company it is today. Buffett said last year that the board had decided on who to fill the CEO position once he has retired but he declined to name his successor.
Buffett added, "They can probably make a lot more money running Berkshire than any other job they can find. It's a huge enterprise. If they can take a company that's worth US$250 billion and turn it into something that's worth US$500 billion, they are entitled to make a lot of money."
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