When it comes to the corporate perks of being a CEO, regular flight time in a private jet must be a favourite. At least, it appears that way according to the amount these business leaders spend on their rides in the sky.
Research company Equilar has looked into the amount spent and the reasons behind corporate jet travel, and found that of the 95 public Fortune 100 companies, 65 CEOs were either eligible to receive or received a perquisite related to personal use of the corporate aircraft.
The average cost of this annual perk? Somewhere around $141,187. On average, the aircraft value represented about 39% of the total value of benefits and prerequisites received.
So, who are these lucky CEOs? The five most expensive CEOs to fly around, according to Fortune, are:
- Brian Moynihan at Bank of America – $448,251
- James McNerney at Boeing – $373,137
- Jeffrey Immelt at General Electric – $343,121
- Robert Iger at Disney – $391,411
- Ryan Lance at ConocoPhillips – $330,869
Of course, the main reason behind needing to travel by private corporate jet were executive security, board mandate, and convenience.
“Often, companies will justify the necessity for personal aircraft usage and may cite convenience/efficiency, and/or security as reasons for providing this benefit. Additionally, companies will often cite CEO personal aircraft usage as a requirement rather than merely an option available to the executive,” the report stated.