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Axios
27-03-2025
- Business
- Axios
Tyson Foods chair tops Northwest Arkansas' corporate jet use
Tyson Foods paid $2.98 million in its fiscal 2024 for chair John H. Tyson to use corporate aircraft for personal travel, an increase from $1.07 million in 2023. Why it matters: The figures offer a glimpse into how executive perks are used at one of Northwest Arkansas' largest employers. It's the highest amount spent on the perk in five years at area public companies and underscores how executive compensation is accelerating — even as companies face pressure to rein in costs and justify spending to shareholders. The big picture: The practice is trending skyward. In the U.S., $65 million was spent on private flights by S&P 500 companies in 2022, up 50% from pre-pandemic levels, the Wall Street Journal reported. Northwest Arkansas' three largest public companies spent $4.49 million in 2024 on private flights for executives, up from $2.47 million in 2020. Follow the money: Axios analyzed proxy statements filed with the Securities and Exchange Commission (SEC) for Northwest Arkansas' three largest public companies — J.B. Hunt Transport Services, Tyson Foods and Walmart. Tyson Foods and Walmart declined to comment and J.B. Hunt did not respond to Axios for this story. The perk is on top of annual salaries, stock awards, bonuses, insurance and other compensation. Only the two most senior executives for each company were noted in the chart below for brevity. Board members for Walmart did not receive the perk. Tyson's compensation package allows up to 275 hours of personal use of corporate jets. Various aviation sites estimate it costs between $3,400 and $5,000 per hour to operate a Dassault Falcon 2000EX, the plane that Tyson Foods owns. John David Rainey, Walmart's chief financial officer, received the second-highest amount of personal travel last year at $547,733. The company notes that part of Rainey's compensation in 2024 included $670,000 in relocation expenses, which includes his personal use of the corporate aircraft. Shelley Simpson, promoted to CEO of J.B. Hunt in 2024, did not use the company's aircraft services during the previous five years. However, Simpson received the value of $11,489 for the perk, according to J.B. Hunt's 2025 proxy, filed March 14. Chair John Roberts received $1,610 and Darren Field, an EVP, received $2,245. Between the lines: Private flights on corporate jets are a perk that make up part of an executive's total compensation and can be a lure for talent. However, the practice can create tax challenges and be a reputational risk for companies. The IRS said in February 2024 it would begin dozens of audits related to corporate jet use to ensure executives were in tax compliance. Amid IRS job cuts, it remains unclear whether the agency will continue prioritizing millionaire tax debts. By the numbers: Depending on how it's calculated, what plane is used and how many people are on board, a private jet can generally cost between $2,000 and $8,000 per hour to operate. Calculations generally include fuel, maintenance and travel for the crew. The caveat: The SEC requires public companies to disclose the aggregate incremental cost of personal aircraft use and other perks by executive officers if it exceeds $10,000. What they're saying: "Ultimately, it's about balance — ensuring the company's resources are used wisely while also safeguarding the interests of its shareholders," Lawrence Cunningham, director of the John L. Weinberg Center for Corporate Governance, told Axios. He said a company's board should consider executive safety, other compensation and cost-benefit analysis when drafting its aircraft policy. What we're watching: Walmart's next proxy statement with the most recent aircraft use is scheduled to be filed in April.
Yahoo
07-02-2025
- Politics
- Yahoo
US seizes second plane owned by Venezuelan government in Dominican Republic, citing evasion of sanctions
An aircraft used by a state-owned Venezuelan natural gas company to evade U.S. sanctions and export control laws for the benefit of the regime of Venezuelan President Nicolas Maduro was seized in the Dominican Republic Thursday, authorities said. The seizure of the Dassault Falcon 2000EX aircraft used by Petroleos de Venezuela, S.A. (PdVSA), the sanctioned Venezuelan state-owned oil and natural-gas company, came as Secretary of State Marco Rubio visited the Caribbean nation for talks with its president. "The seizure of this Venezuelan aircraft, used for evading U.S. sanctions and money laundering, is a powerful example of our resolve to hold the illegitimate Maduro regime accountable for its illegal actions," Rubio wrote on X. "With the Dominican Republic and our regional partners, we will continue to counteract any scheme to evade U.S. sanctions." Trump Official Travels To Venezuela In Push For Maduro Regime To Take Back Tren De Aragua Gang Members The seizure stemmed from a 2019 executive order during President Donald Trump's first term in office in an effort to prohibit American citizens from engaging in transactions with anyone who worked for or on behalf of PdVSA. In January 2020, the Treasury Department's Office of Foreign Assets Control (OFAC) identified 15 aircraft that fell under the order. Read On The Fox News App PdVSA bought the plane from the U.S. in July 2017 and exported it to Venezuela, where it was registered under tail number YV-3360, the Justice Department said. Despite sanctions being levied on PdVSA, the plane was still serviced and maintained on multiple occasions using parts from the U.S., authorities said. The service included a brake assembly, electronic flight displays and flight management computers, all in violation of U.S. export control and sanctions laws. "The use of American-made parts to service and maintain aircraft operated by sanctioned entities like PdVSA is intolerable," said Devin DeBacker, head of the Justice Department's National Security Division. "The Justice Department, along with its federal law enforcement partners, will continue to safeguard our national security by identifying, disrupting and dismantling schemes aimed at procuring American goods in violation of our sanctions and export control laws." Dhs Sec. Noem Announces End To Temporary Protected Status For Venezuelan Migrants Among its uses, the plane was allegedly used to take Venezuelan Oil Minister Manuel Salvador Quevedo Fernandez, who is also sanctioned, to an OPEC meeting in the United Arab Emirates and has been used to transport senior members of the Maduro regime. The aircraft was used in a continuation of the regime's misappropriation of PdVSA assets, the DOJ said. In September, a plane owned by Maduro was also seized in the Dominican Republic. Homeland Security Investigations (HSI) flew the Dassault Falcon 900EX back to the United States soon after. "Asset forfeiture is a powerful law enforcement tool, which we will continue to use aggressively to deter, disrupt and otherwise combat criminal activity," said U.S. Attorney Hayden O'Byrne. Maduro began his third six-year term as president last month despite widespread skepticism over the legitimacy of his election victory. Click To Get The Fox News App International and domestic critics question the fairness of the electoral process. Maduro claimed victory by more than 1 million votes. However, opposition candidate Edmundo González is widely believed to have won by a article source: US seizes second plane owned by Venezuelan government in Dominican Republic, citing evasion of sanctions
