Hey kids, here’s one good reason to work hard in school and business: One day, your son may launch a career as a third-tier pop star, and you might find yourself in position (i.e. an executive office) to follow him on tour in your corporate jet.
Which, according to The Wall Street Journal, appears to describe the experience of Robert J. Coury, executive chairman of a generic drugmaker Mylan.
Mr. Coury’s son Tino, it seems, is a pop singer of some small note, having released the top-40 hit “Diary” in 2010, and having played such highly sought after gigs as Eva Longoria’s birthday party. Mr. Coury’s status at Mylan, meanwhile, affords the businessman “personal use of Company aircraft for vacations and other personal purposes.”
It’s a perquisite that the elder Mr. Coury has taken full advantage of: According to the Journal, Mylan’s Bombardier Global Express followed Tino Coury’s performing schedule from such pop music Meccas as Cincinnati, Hartford, Connecticut, Corpus Christi, Texas and Kingsport, Tennessee.
In 2011 the firm said it spent $500,779 to provide personal flights for Mr. Coury, a calculation that included incremental costs, such as fuel and landing fees. His aircraft perks for 2011 ranked ninth among executives of Russell 3000 corporations, according to GMI Ratings, which tracks executive pay.
Why, you might ask, does Mr. Coury, who’s annual pay packages exceeded $20 million in 2010 and 2011, and who also happens to be moonlighting as the founder of the record label promoting Tino’s career, need use of the company Bombardier?
Mylan says that its executive perks fall within industry standards, and specifically, that Mr. Coury’s personal use of the jet is necessitated by “heightened security concerns.”
Flying so close to fame, it seems, is a dangerous game.
Update: Someone has taken the publication of today’s Journal story to go to work on Tino Coury’s Wikipedia entry in harsh, if hilarious manner.