Posts Tagged ‘Executive Perquisites’

Do Corporate Jets Ground Profits?

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expert perspective telescopeExpert Perspective by Grahall’s OmniMedia Editorial Board

In his October 26, 2009 article for the Wall Street Journal “Curbing Executive Pay, But Not the Perks”  Brett Arends concludes that “a government crackdown on executive compensation may not be the disaster for American capitalism that many fear. However, if [Congress] want to do investors a real favor, they should go after the perks as well as the pay.”

Public uproar over ongoing excesses in executive compensation will surely invoke heightened scrutiny of executive perquisites and retirement plans (see this week’s Grahall The Haves vs. The Have Nots).
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An Executive Who Ruled From Afar and Walked Away Rich

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Published in The New York Times October 5, 2009 by Julie Creswell

New employees at the headquarters of the Simmons Bedding Company got a little book containing 84 sayings of their boss, Charlie Eitel.
Saying No. 1: “In order to create a viable vision you must answer one very fundamental question, ‘What do you really want?’ ”

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Buyout Firms Profited as a Company’s Debt Soared

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Published in The New York Times October 5, 2009 by Julie Creswell

For most of the 133 years since its founding in a small city in Wisconsin, the Simmons Bedding Company enjoyed an illustrious history.
Presidents have slumbered on its mattresses aboard Air Force One. Dignitaries have slept on them in the Lincoln Bedroom. Its advertisements have featured Henry Ford and H. G. Wells. Eleanor Roosevelt extolled the virtues of the Simmons Beautyrest mattress, and the brand was immortalized on Broadway in Cole Porter’s song “Anything Goes.”

 

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AIG Board Said to Rebuff CEO Benmosche on Use of Corporate Jet

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Published in Bloomberg September 17, 2009 by Hugh Son and Christine Harper

American International Group Inc. Chief Executive Officer Robert Benmosche was rebuffed by the insurer’s board after saying he should be allowed personal use of the bailed-out company’s aircraft, according to two people familiar with the matter.

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Poll: Board members think CEO pay packages need paring

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Published in Reliable Plant September 10, 2009 by Newswire

A survey by the USC Marshall School of Business shows that most corporate board members believe parts of CEO pay packages need trimming, particularly in benefits and perquisites such as corporate jet rides as well as severance and retirement plans, said Professor Ed Lawler, the study’s author and director of Marshall School’s Center for Effective Organizations.

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Spending on personal security perk for CEOs is skyrocketing

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Published in USA Today September 8, 2009 by Del Jones

Companies have been slashing almost every cost imaginable to survive the recession, yet they are spending more than ever to calm CEOs who fear for their personal safety.

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CEOs of Bailed-Out Banks Flew to Resorts on Firms’ Jets

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Published in The Wall Street Journal June 19, 2009 by Jesse Drucker and Mark Maremont.

Some executives at banks propped up by government aid have retained a coveted perk: personal use of the company jet.

Flight records show numerous occasions when banks receiving federal money have flown their planes to destinations near resorts or executives’ vacation homes, including spots in Europe, Mexico, the Caribbean, south Florida and Aspen, Colo. In some cases, it’s clear that bank executives were traveling for personal reasons; for other flights, many of which were over weekends or holidays, the passengers and purpose couldn’t be established.

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Plums from the proxies

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Published in The Miami Herald June 1, 2009 by Patrick Danner

Annual proxy statements detail more than cash and stock awards for executives. They also offer some interesting pearls about various perks that executives receive. Also, at some companies, executives and their relatives are the beneficiaries of some chummy deals.

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Golden coffins, golden offices, golden retirement

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Publised in Market Watch May 13, 2009 by Alistair Barr

Running big public companies is hard work, so many executives get a little help to keep their noses to the grindstone.

Use of company jets, cars and drivers, free home security, free financial planning advice and country club memberships. Some of these perquisites, or perks, keep coming after retirement. Even in death, the money keeps flowing in the form of so-called golden coffins.

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Once normal, executive perks raising hackles

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Published in the Boston Globe March 8, 2009 by Beth Healy

Corporate America is losing its taste for flying in style: Citizens Bank has just put both of its jets up for sale.

But in the post-bailout era, even small-time perks – like company cars and financial planning services – are probably on the way out for multimillionaire executives.

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