[dropcap size=big]O[/dropcap]n a Friday morning in October 2008, Apple shares suddenly plunged 10 per cent in 10 minutes. The cause: An online report claiming that the tech company’s then CEO, Steve Jobs, had suffered a heart attack. It soon became clear that the report was false, and Apple’s share price quickly recovered. Clearly, the state of a CEO’s well-being is intertwined with that of his or her company – in the eyes of investors, at least.
Which is why we were not surprised when it recently came to light that Apple spent US$700,000 (S$980,000) last year to keep CEO Timothy Cook out of harm’s way. Frankly, this is chump change for the world’s most valuable company, whose market value recently hit a high of US$740 billion. What is interesting is that Cook’s security arrangements cost substantially less than that of the top executives of several other companies. Here’s a look at the security details for top head honchos.
What some prominent US Companies paid to ensure their CEO’s safety last year:
Some of the tasks that personal bodyguards are hired to perform. Unfortunately, last we heard, they still can’t take down the perpetrators of market-shaking malicious rumours.
US$22,000 per week
How much it would cost (conservatively) for a team of four rotating security agents and a two-man back-up team to be deployed in the event of a heightened threat or emergency, says Alan Schissel, A founder and CEO of Integrated Security Services, a private investigation and executive security firm.
The amount that Berkshire Hathaway spent on Warren Buffett’s personal security last year, compared to what Brad Pitt and Angelina Jolie spent on their home security system alone (US$235 million). September 2007 : When an intruder rang the doorbell at Warren Buffett’s home in Omaha, Nebraska, and got into a scuffle with Buffett’s security guard. This incident has been touted as a reason that prompted the US$385,000 expenditure by Berkshire Hathaway for its CEO, who had otherwise been drawing the same annual salary for almost 20 years.