HomeMy WebLinkAbout2016 02-09 3M and Target jet use ranks CEOs among highest-flying Fortune 100 executives MINNEAPOLIS/ST PAUL BUSINESS JOURNAL 2/10/2016 3M and Target CEO jet use ranks Thulin and Cornell among highest-flying Fortune 100 executives-Minneapolis/St.Paul Business Journal
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3M and Target jet use ranks CEOs among highest-
flying Fortune 100 executives
Feb 9, 2016, 12:03pm CST
The CEOs of 3M Co. and Target Corp. logged
enough personal time on their corporate
aircraft to rank among the top third of
Fortune 100 chief executives.
"AAA
That's according to an Equilar analysis of
executive benefits and perks reported in
public filings for fiscal years that ended as N
recently as July 31. CHARLIE ANDERSON
Target lets its CEO fly for free on its corporate
3M CEO Inge Thulin and Target CEO Brian aircraft.
Cornell both fly for free on company jets
when traveling for personal reasons. Their employers annually disclose the
value of that perk, which covers costs like fuel, landing and parking fees, on-
board catering, communication and navigation charges, and crew costs.
Maplewood-based 3M (NYSE: MMM) said Thulin's complimentary flights were
worth $158,243 of his $20.1 million compensation package for fiscal 2014. That
flight time is more than all but 24 Fortune 100 CEOs
Minneapolis-based Target (NYSE: TGT) reported Cornell's airtime value at
$112,486 of his $28 million in pay for fiscal 2014. His jet perk is worth more than
all but 32 Fortune 100 CEOs.
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2/10/2016 3M and Target CEO jet use ranks Thulin and Cornell among highest-flying Fortune 100 executives-Minneapolis/St.Paul Business Journal
View pay packages for other highly compensated Minnesota executives here.
3M requires Thulin to use its corporate aircraft for all business and personal
travel, while Target caps Cornell's personal flight time at $175,000. Both
companies cite security reasons for their policies, which are rare among
Minnesota's largest public companies.
Target and 3M were the only Minnesota companies on the list, which ranked all
133 executives at Fortune 100 companies whose compensation disclosures
included compensation for personal aircraft use. About one in four of the
companies' senior executives received aircraft perks, with an average value of
nearly $114,000.
The top executive on the list was Tyson Foods Inc. Chair John Tyson, who
racked up $859,129 worth of airtime on the company dime, followed by Google
parent company Alphabet Inc. Chairman Eric Schmidt at $672,400.
Jim Hammerand
Digital editor
Minneapolis/St. Paul Business Journal
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