Alphabet’s chairman Eric Schmidt charged the company $1.9 million
for the use of his private planes in 2016, according
company filing posted Friday.
Schmidt fully owns one of the planes used and 33% of another,
according to the filing. He then charges the company for their
use for his own travel or travel for other company executives.
The planes cost $7,500 per hour to operate.
“Our Board of Directors approved this hourly reimbursement rate
based upon a competitive analysis of comparable chartered
aircraft rates that showed that the reimbursement rate is at or
below market rates for the charter of similar aircraft,” the
Schmidt was only being reimbursed for the flights and does not
make a profit, according to the filing.
Those costs are way up from 2015, when
Schmidt charged Alphabet $396,000 for the use of his private
Think $7,500 per hour sounds like a pricey flight? It
costs $200,000 per hour to operate Air Force One.
Get the latest Google stock price here.