[ad_1]
As normal life resumes post Abrahamic Religions Super Weekend, many people will be working through the lumbar pain of commuting to see loved ones/travelling for a weekend away.
Travelling by car or train can suck, which is why many people who find themselves in positions of power sometimes choose to travel by private jet.
Some people love it so much that they do it a lot.
Tempur Sealy, which bills itself as “the world’s largest bedding provider”, is a Kentucky, USA-based purveyor of mattresses, pillows, beds and everything else you need to temporarily escape the torturous prison of consciousness.
In its latest DEF14A proxy statement, it says:
As a global leader in the design, manufacturing, and distribution of bedding products, Tempur Sealy is committed to improving the sleep of people, every night, all around the world. We recognize that we have a responsibility to protect and promote the well-being of our communities, employees, customers and our environment through robust ESG (environmental, social and governance) practices.
Here’s another thing the proxy statement says:
For mobile users, Tempur Sealy chief executive Scott L. Thompson expensed $258,255 of travel on corporate aircraft last year.
For the globe-trotting chief executive of a $5bn company (who earned just shy of $20mn — 455 times the company’s median employee — overall during the year), springing for this may, possibly, seem reasonable.
The problem? He’s commuting via jet, and has been for years. From the same release, with our emphasis:
Pursuant to SEC rules, certain uses of corporate aircraft, including commuting from an executive’s personal residence to the Company’s headquarters in a different city, is considered “personal” and thus must be disclosed as a perquisite. For 2022, $199,283 of Mr. Thompson’s use of Company aircraft was comprised of commuting flights.
That’s quite a specific stipulation, and indicates this spending really does cover Thompson’s commute to the office rather than traditional broader business travel.
Generously assuming Thompson commutes every day, $199,283 works out at $546 per day.
Last year was Thompson’s biggest for such travel, although he’s hardly been scrimping on this front:
We also can’t overlook this beautiful inclusion:
In 2022, the Board modified the policy to require the CEO to use the Company airplane to limit travel time and enhance personal security and health.
Health!!!
Anyway, Tempur Sealy’s headquarters are in Lexington, Kentucky’s second-largest city. Other than it being “a different city”, it’s not immediately clear where Thompson lives. It’s arguably not very important.
Why he doesn’t live in Lexington, and instead has his company drop an average of at least half a k per working day on jet travel is . . . also a bit unclear. After all, it was (quite sensibly, we would suggest) initially part of his contract. From the employment and non-competition agreement struck between Thompson and Tempur Sealy when he was hired in 2015:
That ambition, however, didn’t last, dropped as part of an amendment in late 2017:
So, now Thompson could be in “Trinity, North Carolina or Dallas, Texas” . . . or a near couple of dozen other places. But what’s important is that, a lot of the time, he’s in Lexington — despite the cost. Now that’s commitment to the commute.
Alphaville asked Tempur Sealy how this squared with its environmental responsibilities, why the move stipulation was dropped, how much time Thompson spends in Lexington and what his primary city of residence is. A spokesperson told us:
Scott Thompson’s use of corporate aircraft for extensive travel to our manufacturing locations and retail stores around the world is aligned with the company’s business objectives and fully complies with his employment agreement and company policy. Our North American CEO Cliff Buster, who oversees the day-to-day operations in the hemisphere, works full time at the office in Lexington, KY.
So there you go!
Further reading
Is this the world’s most pizza-addicted man?
[ad_2]
Source link