Eatin’ Good Far from the Neighborhood

Michelle Leder at spotted this letter from former SEC Chairman Richard C. Breeden to Campbell Soup’s CEO Douglas Conant. Conant is also chairman of Applebee’s compensation committee:

On 29 occasions from from April 2006 through January 2007, Applebees’s corporate aircraft flew into and out of Galveston, Texas, where former CEO Lloyd Hill happens to own a beach house. The nearest Applebees’s restaurant is more than 40 miles away. Though Mr. Hill ceased to be CEO in September 2006, company planes continue the Galveston shuttle.”

Daniel Gross has more on the troubling mix of CEOs and corporate jets.

Posted by on January 30th, 2007 at 3:20 pm

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.