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Relocation, Relocation, Relocation

When public companies hire C.E.O.'s, shareholders often supply the moving vans—and occasionally the homes too.

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Edward Mueller

In September, Denver-based Qwest Communications paid $8.9 million for the San Francisco home of its C.E.O., Edward Mueller, whom it had hired from ­Williams-Sonoma. Qwest sold the home three months later for just $7.1 million.


Edward Forst
Last year, Goldman Sachs spent $568,679 on moving chief ­administrative officer Edward Forst from New York to London.


In the fall of 2006, San Francisco-based utility PG&E paid $337,296 to relocate its new general counsel, Hyun Park, from Allegheny Energy in Pennsylvania.
 

Tod Nielsen
Borland Software in Cupertino, ­California, moved C.E.O. Tod Nielsen twice in two years: first from Redmond, Washington, where he’d worked for BEA Systems, and then to its new headquarters in Austin. Grand ­total: $295,227.



Jim Jenness

When Jim Jenness became chairman and C.E.O. of ­Kellogg in 2004, the firm agreed to cover his ­relocation expenses ­after he stepped down as C.E.O. He did so in 2006, costing ­Kellogg $964,613 in moving expenses, a loss on his house’s sale price, and a tax gross-up. 

Photoillustrations by Julie Teninbaum.


 


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