Why the Big Three Should Fly Corporate Jets – Simple Arithmetic

Those complaining about the extravagant cost of winging CEOs around the world are also forgetting about the extravagant cost of CEOs. My own company, Time-Warner, at one time owned five G-5s, a couple of which were used to haul movie stars wherever it was they needed to be hauled to. They certainly were not for journalists; I’ve been on a company jet exactly once in the last 10 years. The shareholders paid Time-Warner CEO Jeff Bewkes $19.6 million last year. Based on a 40-hour week (and he’d better be working more than that), his hourly cost is about $9,400 — I’m guessing that’s beyond the hourly run rate of a G-5. Bewkes has actually been known to fly commercial to Los Angeles. If he takes United Flight 29, he’s on time 70% of the time. If he’s not on time, he’s cooling his heels at JFK, burning the shareholders’ money. My money. So take the corporate jet, Jeff. We’re not paying you to sit around airports reading People.

via Why the Big Three Should Fly Corporate Jets – TIME

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2 thoughts on “Why the Big Three Should Fly Corporate Jets – Simple Arithmetic

  1. Well, your CEO could fly a personal planet-destroying jet more often, but another solution to the problem of burning up his salary at the airport is to pay him a lot less.

  2. I think that most CEO’s are overpaid. It’s not their fault, it’s the system of unrestrained capitalism that creates it. Companies are structured so that those who are in leadership have the extravagant consumption that we assume goes with the power.

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