Would you hire for passion, or competence?

We had a chat this morning. 

There was an open role. For some reason, all the candidates passing my level were not clearing the CEO round. 

Today, he spoke about the importance of passion, commitment, and research into the orgn. And culture fit. 

My stand was that if the person has an overall values alignment with the orgn, we hire for competence, not passion. Better competence without passion than passion without competence. Even otherwise, I don't see a necessary relationship, causal or otherwise, between a person's research into a company at the interview stage and their performance later. I do see a correlation between past performance and future indicator. 

For a long time, I used to go to work for the money. Even now, that is a major motivator for me to be at work. While i am being fairly paid, i deliver the best one can, professionally. Its a straight transaction - i get paid for work and i do the best possible work in that time. 

So, would you hire for competence, or would u hire for passion?