Warren Buffett has an important piece of advice for the future leader of his empire in his annual letter to shareholders: You’ll get rich anyway so don’t mind a USD 100,000 salary.
As chairman of the company for five decades now, Buffett wrote in his letter to Berkshire Hathaway’s stockholders, “He can’t help but earn money far in excess of any possible need for it. But it’s important that neither ego nor avarice motivate him to reach for pay matching his most lavishly compensated peers, even if his achievements far exceed theirs.”
In the same letter, Buffett also explained, for the benefit of the next leaders, the risks of too much bureaucracy and arrogance. He emphasized as well the dangers of not putting the company first. On the other hand, he pointed out the advantages of a decentralized corporation — all the more reason to take care of shareholders.