The succession question has come up in recent years as Buffett has gotten older. He plans to run Berkshire until he’s “buried in the ground.”
There’s one thing that he would like to see from that person, and that’s a willingness to accept modest compensation.
“I would actually hope that we would have somebody A) that’s already very rich, which they should be,” Buffett said during Berkshire Hathaway’s annual shareholders’ meeting.
He added that this person should be someone who’s been “working a long time and really not motivated by whether they have ten-times as much money and they might even wish to set an example by engaging for something far lower than what you could say their true market value is.”
If this person didn’t elect to go in that direction, Buffett would like to see them paid a “very modest amount” and then have an option that increased in strike price on an annual basis.
At the 2009 meeting, Buffett said if he died the board already knows who the new CEO would be should he die.
Buffett, the second-richest man in the world, was the lowest-paid of the big company CEOs last year, according to a recent report released by Equilar 100. In 2016, Buffett made $487,881 and was the only big company CEO on the list below the $3 million mark.
Follow our Yahoo Finance’s coverage of Berkshire Hathaway’s annual meeting at Finance.Yahoo.com/BRKLiveStream.
Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.