A feathered nest…
Why is MSC Industrial Direct (MSM) paying over $60,000 a year to cover housing expenses for one of its top executives? Not only is that over 50% more than the company shelled out in 2003 for President David Sandler’s digs (and nearly three times what it spent in fiscal 2000 for his apartment) according to its recent proxy, it’s also for an executive who took home over $900K in fiscal 2004 and who received 367,900 restricted shares of stock. Clearly, this is someone who doesn’t need to rely on the company to feather his nest.
While companies normally cover short-term housing expenses when an employee relocates, it’s pretty unusual to cover such expenses when an employee has been working for the company for over 10 years, as Sandler has done.