In his annual shareholder letter-the last one he will pen as CEO before Berkshire vice chair Greg Abel takes over on Jan. 1-Buffett suggested chief executives are driven by greed and selfishness to drive up their own pay after seeing competitors ratchet up their own remunerations. "What often bothers very wealthy CEOs-they are human, after all-is that other CEOs are getting even richer," he said. "Envy and greed walk hand in hand. And what consultant ever recommended a serious cut in CEO compensation or board payments?"
Zaslav's new pay package will reduce his target bonus significantly while providing opportunities for substantial earnings through stock options, depending on performance.
