The Craziest Executive Perks of 2011
Footnoted.com published a recent ranking of the ten most outrageous exeuctive perks listed on publicly traded balance sheets in 2010. Check out our recap of the companies and CEO’s who are living the high-life on shareholder dollars.
1) Vernon Jordan, a member of the board of director’s for NYC based asset-management co. Lazard (NYSE:LAZ) is getting some fine accommodation on his trips up to the city. The company foots an annual 280,000 dollar bill for the exec. to stay in a “priority” real-estate on trips to Manhattan. Jordan has gotten this comped since 2007.
2) Martha Stewart has recovered nicely from her stint behind bars. As the figurehead for publicly traded Martha Stewart Living Omnimedia (NYSE:MSO), the company pays over 100k annually for the home-living guru’s maintenance on her property, landscape, and gardening bills. This year Stewart also received $2 million from her own company for the exclusive rights to film and produce her TV show!
3) Interactive Corp. (NASDAQ:IACI) CEO Barry Dillon likes to travel, and has been jet-setting voraciously this year on company money. The exec has racked up over $1.25 million in travel costs from his positions at IAC (NASDAQ:IACI) and Expedia (NASDAQ:EXPE).
4) and 5) Executive security is apparently a booming business, and not the presidential type. Two big name corporate CEOs, Jeff Bezos of Amazon (NASDAQ:AMZN), and Sheldon Adelson of Las Vegas Sands (NYSE:LVS) spent a total of $1.75 and $2.50 million each on personal security expenses on company balance sheets last year.
6) Some wacky items are also listed on the balance sheet over at Chesapeake Energy (NYSE:CHK), where Executive Aubrey McClendon banked $12.1 million in a sale of his antique map collection, to the firm of course. McClendon also footed a bill on business expense for $5.9 million dollars worth of Oklahoma City Thunder basketball tickets this season. As if that weren’t enough hospitality to the company’s top management, the top six executives at Chesapeake also racked up a flying bill topping $2 million in 2011.
7) Stanley Black and Decker (NYSE:SWK) is empowering not only customers, but top management, with expensive tools. The business paid “$526,391 of personal plane travel, $39,671 in reimbursed financial-planning costs, $9,522 for personal use of a company car, another $16,200 as a car allowance, $4,528 in “personal use of tickets to athletic and other entertainment events and $1,820 in club dues — plus $2,635 in free tools or other company merchandise” for CEO Nolan Archibald this year.
8) Apparently some corporations will even pay your taxes if you treat them right, see Tyco International (NYSE:TYC), which reimbursed CEO Edward Breen a sum of $841,566 for taxes he hadn’t paid.
9) Foster Wheeler (NASDAQ:FWLT) had a brief affair with CEO Robert Flexon, who stayed at the company for just five months, though apparently things got very steamy, as the business dished out $1.1 million for Flexon’s “relocation expenses” and lavished him with $4.5 million severance package.
10) Don Blankenship of Massey Energy (NYSE:MEE) stepped down following a deadly explosion in one of the company’s mining facilities in 2010, though his departure was not light on the balance sheets, with the CEO banking nearly $10 million in severance pay.
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