Bloomberg – Perks for American CEOs Aren’t What They Used to Be
July 21, 2017
Gone are the days when Tyco International ponied up millions of dollars to indulge its executives’ lavish lifestyles, including Dennis Kozlowski’s $15,000 dog umbrella stand. But U.S. public companies still give bosses some tasty tidbits with their multimillion-dollar perks.
Vail Resorts Inc. spent as much as $11,220 on ski lessons and lodging at company-owned facilities for Chief Executive Officer Rob Katz, and fashion retailer Nordstrom Inc. contributed $33,246 in merchandise discounts for co-President Blake Nordstrom. Domino’s Pizza Inc. awarded CEO Patrick Doyle $11.1 million last year, topping it off with $224 for pizza, according to a Bloomberg Pay Index analysis of proxy filings.
“It begs the age-old question: You make X amount of money and you can’t afford this on your own?” said John Trentacoste, a partner at Farient Advisors, a compensation consulting firm. “But certain perks can give the executive peace of mind and allow him or her to focus on the company rather than other things that pop up in life. That’s the rationale.”