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Spending on personal security for CEOs skyrocketing
Posted by: ferfux ()
Date: September 08, 2009 11:03AM

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.

Starbucks, which has laid off workers, closed stores and switched from whole to 2% milk to save pennies a gallon, bumped its spending to $511,079 last year on the personal and home security of CEO Howard Schultz. FedEx, which quit matching employee 401(k) contributions, spent $595,875 on the security of CEO Fred Smith. Walt Disney spent $645,368 for CEO Robert Iger; Occidental Petroleum spent $575,407 for Ray Irani; and McKesson spent $401,706 for John Hammergren.

http://www.usatoday.com/money/companies/management/2009-09-07-CEO-security-spending_N.htm

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Re: Spending on personal security for CEOs skyrocketing
Posted by: § ()
Date: September 08, 2009 11:50AM

Many executive employment agreements include convenants for reasonable security, so I'm not surprised at the cost since it likely includes security detail salaries and benefits, vehicles and lodging when accompanying the CEO on travel.

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Re: Spending on personal security for CEOs skyrocketing
Posted by: Gravis ()
Date: September 08, 2009 11:58AM

yeah... but the real point is that people want to kill these CEOs more than ever.


"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."095042938540

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Re: Spending on personal security for CEOs skyrocketing
Posted by: eesh ()
Date: September 08, 2009 12:02PM

I was reading that many large companies pay for CEO's home security system and require that they be driven in a company car.

Plenty of executives of international companies are targets from disgruntled employees, protesters, political activists, etc.

example: I'm sure there are plenty of Earth Liberation Front members that would like to take out a CEO from an oil company or defense contractor.

Blessed are the murderous.

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Re: Spending on personal security for CEOs skyrocketing
Posted by: § ()
Date: September 08, 2009 12:07PM

If it's not the employees, it's the shareholders. Employees should understand that unless benefits are reduced, the alternative is unemployment. Shareholders have more of a reason to get angry. I forget who it was, but a popular CEO last year reduced his pay to $1 a year in a clear attempt at PR. What he probably didn't disclose was that he was still getting his target bonus and front-loaded options at a new strike price.

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Re: Spending on personal security for CEOs skyrocketing
Posted by: Registered Voter ()
Date: September 08, 2009 01:17PM

I wonder how much these folks spend for personal security...

Senate must raise debt ceiling above $12T
http://thehill.com/homenews/senate/57493-senate-must-raise-debt-ceiling-above-12t

Quote

...
Democrats in control of Congress, including then-Sen. Obama (Ill.), blasted President George W. Bush for failing to contain spending when he oversaw increased deficits and raised the debt ceiling.

“Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.”

Obama later joined his Democratic colleagues in voting en bloc against raising the debt increase.

Now Obama is asking Congress to raise the debt ceiling, something lawmakers are almost certain to do despite misgivings about the federal debt. The ceiling already has been hiked three times in the past two years, and the House took action earlier this year to raise the ceiling to $13 trillion.
...

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