Of course, management forgot to inform the workers that executives would continue to receive extra medical benefits, fitness training and club memberships. According to a recent SEC filing, in 2009, top executives received the following benefits and perks:
• In total, Station Casinos’ top five executives received $99,923 in “executive medical” benefits and $236,505 in life insurance.
• CEO Frank Fertitta III alone received $60,807 in “executive medical” benefits and $34,155 in personal security services.
• Chief Operating Officer Kevin Kelley and Chief Development Officer Scott Nielson received $16,000 and $10,000, respectively, for “fitness training.”
• Chief Accounting Officer Thomas Friel, General Counsel Richard Haskins, and Chief Operating Officer Kevin Kelley received $8,997, $9,793 and $4,620 respectively for “club membership and dues.”
In 2009, Station was under financial distress and eventually filed for Chapter 11 bankruptcy on July 28. Do you think the company should have spent its money on these kinds of executive benefits and perks?