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Warren Buffett has called out what he sees as a growing culture of excess among corporate leaders, warning that CEO pay has spiralled as executives compare themselves with one another and demand ever-larger packages.
Writing in his annual shareholder letter – his final one before stepping down as Berkshire Hathaway CEO at the end of the year – the 95-year-old investor said many top executives are motivated not by performance but by rivalry.
Buffett argued that compensation has become distorted by competition between wealthy leaders who resent seeing peers earn more, Fortune reported.
“What often bothers very wealthy CEOs—they are human, after all—is that other CEOs are getting even richer," he wrote.
“Envy and greed walk hand in hand. And what consultant ever recommended a serious cut in CEO compensation or board payments?" the billionaire added.
Musk could become history's first trillionaire
His comments come just days after Tesla shareholders approved a record-breaking $1 trillion pay package for CEO Elon Musk. The deal, paid entirely in stock grants rather than salary, could hand Musk more than 423 million additional Tesla shares over the next decade.
The full award depends on the electric-car maker reaching an $8.5 trillion market value. Should those targets be met, Musk – already the world's richest individual – could become the first trillionaire in history.
Buffett's annual letter also confirmed major changes at Berkshire Hathaway. After nearly six decades at the helm, he will retire from the chief executive role on January 1 next year, handing leadership to Greg Abel, the company's vice-chair of non-insurance operations.
Buffett said he would “go quiet", stepping back from writing Berkshire's detailed annual reports, though he will continue to issue a yearly Thanksgiving message. He also pledged to expand his philanthropic work and eventually donate his remaining Berkshire “A" shares, valued at roughly $149 billion.
Despite his retirement, Buffett reassured investors he would retain his shares until they were fully comfortable with Abel's leadership. Known as the “Oracle of Omaha", Buffett leaves behind a reputation for long-term, steady investing and plain-spoken advice – a stark contrast to the high-stakes, high-pay environment he criticised in his remarks this week.
(With inputs from agencies)
Source: News18
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