Motorola’s CFO takes to the skies…
Yesterday afternoon, Motorola (MOT) filed this 8-K, which provided details about CEO Gregory Brown’s new salary, now that he’s taken over from Ed Zander. But it was the information about acting CFO Thomas Meredith — tacked on to the discussion about Brown — that caught my attention.
Almost as an afterthought, the company mentions that Meredith’s access to the company’s corporate jet is now 165 hours for personal use, up from the 125 that had been negotiated back in October, according to this 8-K. Why the 32% increase in corporate jet time? Yesterday’s filing doesn’t really say. And, given the decline in Motorola’s stock price since October, it’s even harder to understand.
Given Carl Ichan’s growing interest in Motorola, this seems like the type of thing he’ll be covering on his soon-to-debut blog.
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Posted in Tags: 8Ks, perks |
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February 6th, 2008 at 1:54 pm
If you assume that Meredith is going to be taking on average a 5 hour flight (10 hours round trip) then that equals to 16.5 trips per year. Which in turn would mean that he is going to be using the plane approximately 1.4 times a month.
As you said. With the stock where it is and Carl Icahn calling for board seats and company changes, I would think that the company would want to have their CFO at the office instead of on a weekend with the guys in Vegas.