For Time Warner CEO Dick Parsons and Disney's outgoing chief Michael Eisner, keeping second homes in Los Angeles and New York for business pays quite well.
According to company filings, Parsons, who received $9.5 million in salary and bonus last year, has also been getting $4,000 a month plus maintenance and utility costs for the Los Angeles apartment he has rented since 2002.
Iger, Disney's president, and Eisner, its outgoing CEO, are both reimbursed for apartments they have owned or rented when they travel from the company's headquarters in Burbank, Calif., to New York City, according to Disney's proxy filing. Eisner, who was paid $8.25 million in salary and bonus in fiscal 2004, receives $10,000 a month for a New York City apartment. Disney says the $10,000 does not cover the full cost of the apartment.
Eisner also received nearly $735,000 in 2004 for security advice and personal protection services, according to the proxy.
Viacom's proxy statement to the Securities and Exchange Commission discloses that Co-CEO Moonves, who is based in Los Angeles but owns a home in New York, received an additional $105,000 in 2004 as reimbursement for staying in that home rather than a hotel when in New York on business.
Freston, Viacom's other co-CEO, who is based in New York but owns a home in Los Angeles, got $43,100 for staying in that L.A. home while in that city on business.
Nice work if you can get it.