Using the company’s private jet is a big perk for some executives, but when it’s used solely for personal reasons, the privilege is abused.Mark Maremont and Tom McGinty at The WSJ wrote about a particular scenario involving Robert Coury, the CEO of Mylan Inc., a generic drug maker, who used the company’s jets to launch his son’s music career.
“On July 3, 2010, for example, Tino Coury performed a late-night gig at a Cincinnati nightclub. At 3:18 a.m., the Mylan jet left Cincinnati for West Palm Beach, Fla., arriving there around 5 a.m. Later that day, Tino Coury performed at a July 4th concert in West Palm Beach.
The following week, Tino Coury performed near Hartford, Conn. Shortly afterward, the Mylan jet traveled from Hartford to Las Vegas, where he had his next performance. Based on the aircraft’s estimated hourly operating cost, the tab for the one-way flight was about $22,0000.”
The company’s jets rarely ever stopped in Los Angeles until Tino, who lives in the area, launched his music career in 2009. Between 2010 and 2011, the jets made at least 18 stops in the Los Angeles area
Maremont and McGinty were unable to examine flights after March 2011 because Mylan blocked this information.
The Journal has attempted to get updated records via a Freedom Of Information Act request to the Federal Aviation Administration, but has yet to hear back.
Mylan does not require that executives reimburse the company for use of its private jets.
Read the full piece here.