Chad Gifford, a retired Bank of America exec, is no longer allowed to fly on the corporate jet for free, according to the Financial Times.
Gifford, the former CEO of Fleet (which was acquired by BAC in 1999) had just five years of private plane-flying bliss before the board was allowed to vote on renewing his plane privileges.
The exec who Gifford took over for in 1999, Terry Murray, is allowed to keep jetting. So is Hugh McColl, the former BAC CEO who retired in 2001.
But for whatever reason the board voted against renewing Gifford’s privileges on Wednesday.
Until now he’s been allowed to clock 120 hours on the plane – a perk worth an estimated $1 million.