The Wall Street Journal broke one of the most memorable news stories of the year over the summer when it reported that former General Electric CEO Jeff Immelt – who bowed out in June amid intensifying pressure to revitalize the company’s long-suffering share price – would routinely use a “chase plane” when flying to foreign destinations – that is, a second completely empty jet would fly behind Immelt’s aircraft. The company has provided multiple justifications for the second plane, including saying it was for security purposes, and to ensure timely arrival for “business critical” meetings.
The story, which has become emblematic of GE’s longstanding tradition of grossly overspending on executive perks, was a major embarrassment for Immelt, who denied reports that he specifically requested the jet, claiming instead that his air transportation was arranged by the company’s corporate air team. Finally, he admitted that he had used two GE corporate jets in this manner up until 2014, when he changed the policy to use “locally sourced jets” as chase planes instead of one of the GE fleet.
This post was published at Zero Hedge on Dec 12, 2017.