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. Last Updated: 07/27/2016

Buffett Preparing Berkshire For His Eventual Departure

OMAHA, Nebraska -- Billionaire Warren Buffett does not want to give up the throne at his holding company anytime soon, but the 76-year-old is preparing for that day.

Many details remain secret, but the question of who might become Berkshire Hathaway's chief investment officer is getting a lot of attention because Buffett said in March that he planned to hire one or more candidates for that position soon on a trial basis.

Wrapping up this weekend's activities surrounding Berkshire Hathaway's shareholders meeting, Buffett said whoever he hires should expect to be paid based on how well their investments perform.

"I would give them a small salary, and then pay them a percentage based on how they outperformed the S&P on a five-year average," Buffett said at a news conference Sunday.

Vice chairman Charlie Munger said that fits with the company's overall compensation plan."Generally, we want people's compensation tied to what they can control," Munger said.

As of Monday, Buffett had already received 600 to 700 applications for the post, and the mail will likely bring more.

Buffett said the investment managers would not necessarily be expected to live in Omaha where he and the company's 19-person headquarters are based.

"My notion would be to let them live wherever they feel best about life," Buffett said. "Wherever you can think best -- the information is readily available."

The only part of his succession planthat has been spelled out is the job of chairman. Buffett has said that when he dies, his son will take over the job to ensure Berkshire's culture is preserved.

Howard Buffett already serves on the board.