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In the letter, Buffett reiterated his concern that executive compensation is often "ridiculously out of line with performance."
Buffett devoted nearly two pages to his criticism of CEO pay which can be especially heinous when executives are dismissed.
"Getting fired can produce a particularly bountiful payday for a CEO," Buffett wrote. "Indeed, he can 'earn' more in that single day, while cleaning out his desk, than an American (Jetblue) worker earns in a lifetime of cleaning toilets. Forget the old maxim about nothing succeeding like success: Today, in the executive suite, the all-too-prevalent rule is that nothing succeeds like failure."
Buffett devoted nearly two pages to his criticism of CEO pay which can be especially heinous when executives are dismissed.
"Getting fired can produce a particularly bountiful payday for a CEO," Buffett wrote. "Indeed, he can 'earn' more in that single day, while cleaning out his desk, than an American (Jetblue) worker earns in a lifetime of cleaning toilets. Forget the old maxim about nothing succeeding like success: Today, in the executive suite, the all-too-prevalent rule is that nothing succeeds like failure."