It would be hard to top the money American Express laid out to ensure the security of its CEO Kenneth Chenault in 2008. He received $200,898 in company-paid expenses for a home security system. By contrast, such costs for Edward P. Gilligan, vice chairman, were only $1,609, while Amex spent $4,510 to secure the home of Alfred F. Kelly, president. Daniel Henry, the company's chief financial officer, received no home security allotment, and only $513 was paid on behalf of Stephen J. Squeri, executive vice president, corporate development and chief information officer.
But the home security system was just one sliver of Chenault's overall security expenses. Amex paid nearly $46,000 for his "security during personal trips" plus "local travel" payments totaling $134,299 for the CEO's personal use of company-owned cars, and another $414,702 for his personal use of company aircraft. The footnotes in the company's financial filings explain that American Express' security policy requires the CEO to use company-owned aircraft and autos for personal as well as business travel.
The company has received $3.4 billion in federal bailouts. It ranks as the nation's largest credit card issuer based on charge volume, which totaled $457.2 billion, up 2.4 percent in 2008, according to The Nilson Report, a newsletter covering the credit card industry. —Andrea Rock
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