Why the Big Three Should Fly Corporate Jets - Simple Arithmetic
Posted Dec 03 2008 7:10pm
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.