MediaFile

Struggling Kodak had to pay for CEO’s vacations in Spain

Over the four years that Kodak’s stock fell 80 percent, the photography icon’s private jet made its way several times a year to Vigo, Spain — the balmy fishing town that is the hometown of CEO Antonio Perez.

The Wall Street Journal’s flight tracker for private jet travel makes it easy to trace Perez’s vacations in Spain. It also estimates that the cost of each roundtrip was more than $50,000 a pop.

Starting Jan 1, 2011, Perez’s personal trips on the jet were limited to $100,000 a year. If his flights exceed that amount, Perez has to reimburse Kodak, according to the company’s latest proxy statement. That might come as some relief to investors concerned about the rate that Kodak is burning cash.

But before the limits on personal use went into place, Perez didn’t seem to hold back. In 2007, he flew to Vigo in April, returned over the summer and then rang in the New Year over there as well.

Until 2010, he made several more trips, according to the database. The Galician costal city town in northwestern Spain is a major fishing port on the Atlantic Ocean, according to the city’s website. Cruise line Royal Carribbean says on its website: “If you’re a beach-lover, then Vigo is for you. You can soak up the rays at one of several sparkling beaches, including Samil, Alcabre and Canido.”

In Mexico and Spain, going native

By Gerry Hadden
The opinions expressed are his own.

Last week a Mexican congressman from the southern state of Guerrero was found murdered, his body dumped in a river.  The story has been front-page news across Mexico, and made many headlines elsewhere.  It’s a tragedy and, still, a mystery.

For me it’s also a reminder of a time when for some reason such events in Mexico went less noticed.  Even by me.

On a morning in 2003, while posted to Mexico City for National Public Radio, I came across a similar story.  A Mexican senator from Guerrero had been kidnapped, his whereabouts unknown.  The article was on page 17, below the fold.  Granted, he wasn’t confirmed dead, but still, I didn’t think much about it until the next day, when I happened upon a follow-up piece in a U.S. paper.  The American story focused not on the kidnapping itself, but on the Mexican article:  You know things are bad, observed the U.S. reporter, when one of your country’s senators is kidnapped and it only makes page 17.