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Saturday, March 12, 2005

Costly petard - $37.7 million


Boeing CEO Harry Stonecipher was the upstanding guy who brought *in* the higher standards of personal behavior, moral etc.

Now he himself is hoist with his own petard as he resigns over an affair with a fellow employee - said to be 48-year-old divorced exec Debra Peabody.

Stonecipher will receive a $2.1 million bonus based on the company's financial performance in 2004.

But ... he won't get performance shares of the company stock that could have been worth as much as $37.7 million.

Phew - that was a costly round of 'body' shots behind the filing cabinets.

I trust Mr Stonecipher found Ms Peabody's body worth it.

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