Here at Adfreak, we love SEC filings, as they often shed light on otherwise dark and mysterious financial pictures. But the real fun stuff can be found in the 8Ks. That’s where we get to see how much agency CEOs spend on really important things like spousal travel, parking fees and club dues.
No such expenses were outlined in a recent Grey SEC filing, but we did get a chuckle out of the section that details the exit package of longtime executive Bob Berenson, whose retirement becomes effective on Jan. 31, 2005. The list is pretty basic for the most part, addressing his supplemental yearly pension ($50,000), any outstanding loans from Grey (they will be forgiven) and a fee for consultation during 2005 ($30,000). But it’s the last graf that caught our eye. It stipulates: "You shall be given the office chairs, desk and table in your office, and the office computer equipment you are currently using."
Before you think Berenson has an unusual fondness for furniture made of leather and chrome, the object of his desire is a brown antique roll top desk that he has used his entire career. Does Grey pay for the necessary moving truck? Berenson is moving to his ranch in Sedona, Ariz., where he plans to open a cooking school.
–Posted by Alison Fahey