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 Marvell retroactively OKs CEO's use of company's plane
By Jack Davis - docu-drama
May 27, 2008
The board of directors at Marvell Technology Group felt it necessary to set down in writing a policy governing the use of its evidently new corporate aircraft. The policy, established May 21, retroactively approved the personal use of the jet back in February by the company’s chief executive, Sehat Sutardja, whose wife and Marvell’s director of business development, Weili Dai, went with him on the flight.
The policy restricts personal use of the plane to the CEO and limits the number of personal trips in a year to three, "without the approval of the executive compensation committee of the board of directors of Marvell. "We’re probably imagining things, but we think we detect a certain peevish tone in the spelling out of what constitutes "a trip":
"For clarity, one round trip or one multi-point trip shall constitute one trip for purposes
of this limitation. Family members, friends or people associated with a charitable interest of the CEO may accompany the CEO on a personal use flight or use the corporate aircraft with the CEO’s approval within these limitations."
Previously, the company had been leasing a plane owned by Sutardja and Dai through a third party called ACM Aviation, which charged Marvell $612,000 for the "business travel use" of the aircraft in fiscal 2005, $700,000 in 2006, and $1 million in 2007.
We scanned several recent filings to see if there is any information about when the company acquired its own aircraft and whether it bought it from Sutardja and Dai. (We’ve sent the company an e-mail and will update this is we hear back from the company.)
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