High Flying Perks

Number 22837
Subject Financial Investigations
Source WXYZ-TV (Southfield, Mich.)
State MI
Year 2006
Publication Date 11/14/2006; 11/15/2006
Summary As automakers took more financial hits in 2006 that led to layoffs and cost-cutting, company executives asserted that they too would cut down on their personal budgets. But WXYZ-TV found out that the executives did nothing to reduce their use of corporate jets and fuel in trips costing in the tens of thousands of dollars. The eight-month investigation uncovered situations like that of Ford CEO BIll Ford, Jr. He accepted a yearly salary of only a dollar, and used company planes for personal trips to the tune of $297,201 in a single year. Ford president Mark Fields is tasked with cutting costs in the company, yet used the planes on many weekends to take trips from Detroit to his mansion in Florida at a cost of between $50,000 and $70,000 each weekend.
Category Contest Entry
Pages 26
Keywords Money; corporate pork; corporate executives; misuse of company planes; corporate cost-cutting; automotive industry; Ford Motor Company
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