Warren Buffett, the world’s third richest person and the chairman and CEO of Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) said that the next CEO of the company after him should get a higher paycheck to run the company.
“I’ve written a memo to the board in terms of how they should design a pay package,” Buffett told in an interview. “It isn’t US $100k (RM304.6k) a year.” He said the next CEO’s salary would be decided by the board.
Buffett, 82, has total wealth of more than $57 billion as per the data of Bloomberg Billionaires Index. The salary he is paid stands at $100k for over 25 years now for running Berkshire Hathway Inc. However, Buffet pays back half of the amount to cover personal expenses, like postage and phone calls as per the proxy statements.
Buffett is the largest shareholder in Berkshire. He started the company along with Vice Chairman Charles Munger and made the organization worth $264 billion. According to Buffet, last year the Board of the company reached a consensus on the individual who will become CEO after stepping down of Buffet.
Buffett said that the next CEO will have ample opportunity to make more money by running Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) than working in any other company. Warren Buffet said that Berkshire is a huge organization worth $250 billion and can be turned up into a worth of $500 billion in the future.
Warren Buffett has become an icon in finance due to his unbeatable investment skills and techniques. Popularly known as the “Oracle of Ohama”, Buffet joined Twitter Thursday and sent his first tweet. He had 45,000 people following him in less than 45 minutes.
He tweeted, “Warren is in the house,” Buffett said under the handle “@WarrenBuffett.”
The account was not verified by Twitter officially, but Buffet confirmed the news in the Fortune Magazine during a live webcast on Thursday. Buffett’s Twitter account marks the first online social appearance by the not-so-tech-savvy Buffet.
Buffett managed to get followers at a faster rate than he makes money, and if the followers are seen as dollars then Twitter success will be seen as one of Buffet’s best investments ever.
Buffett also wrote an essay in Fortune Magazine on how corporate America should help women to succeed in the workplace. He also talked about women who do not need help and have self confidence.
Buffett said “Fellow males, get on board. The closer that America comes to fully employing the talents of all its citizens, the greater its output of goods and services will be.”