Skechers execs used company jets to take vacations to Fiji, Bora Bora: suit

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Today's Business Headlines 10/19/23

AirAsia CEO slammed for sharing shirtless massage photoSkechers’ top executives spent millions of dollars jetting off to tropical vacations in Fiji, Bora Bora, and Hawaii on the company’s private planes — and the footwear giant’s board didn’t do anything to stop them, according to a lawsuit.

The father-son duo founded Skechers in 1992. The company recorded $3.5 billion in profits in 2022 — a 12.51% increase from 2021. Marlene Greenberg — Robert Greenberg’s sister — is also a non-executive employee of Skechers, along with Michael’s son Chase and brother-in-law Andrew Bronstein.Company jets reportedly include two twin-engine eight-seat Bombardier Global Express jets, which go for as much as $15 million depending on the model year, according to aviation resource site GlobalAir.com.

Most similar companies cap jet use well below those levels, according to Bloomberg, which reported that the average corporate plane expenses among S&P 500 executives was about $54,000 in 2015.

 

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