April 29, 2017 at 12:14AM
Alphabet's chairman Eric Schmidt charged the company $1.9 million for the use of his private planes in 2016, according to new 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 filing says.
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 planes.
Think $7,500 per hour sounds like a pricey flight? It costs $200,000 per hour to operate Air Force One.
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