Sanders lives about 40 miles from the semiconductor maker's Sunnyvale, Calif., headquarters. Despite their lavish appearance, perks are often doled out on top of ample pay and stock-option packages because they're sweeteners needed to retain and attract seasoned managers, companies say. A lot of these tend to be things executives could afford to purchase on their own,'' says Paul Gleason, research director for the National Association of Corporate Directors. No exec topped Apple Computer's Steve Jobs. Just about none of it.
Some companies continue to fly retired CEOs.
First Union's Ed Crutchfield, who retired in September, has use of the corporate jet for 120 hours a year through 2010. Eastman Kodak's George Fisher, who left in December, gets limited use of the company plane for 2 years. If he stays until May 2003, the principal and unpaid interest will be forgiven. Deals such as Eckert's are increasingly common under retention provisions in executive contracts. Friedmans also forgives annual interest on an incentive loan.