Backing up the truck…

March 8, 2007

images1.jpegApologies for borrowing Jim Cramer’s well-worn phrase, but it seemed the best way to describe a moving experience I caught in Fluor Corp.’s (FLR) proxy filed late yesterday. First the back-story: back in 2005, Fluor announced that it was moving from Orange County, Calif. to the Dallas/Ft. Worth area. Fluor moved into its new headquarters last June.

Now, back to the proxy. As would be expected, Fluor covered the moving expenses for its top executives who relocated to the Metroplex area. Turns out that CFO D. Michael Steuert spent $598K on relocating to Dallas — more than what the company spent to move the three other executives combined. Because the company doesn’t break down the expenses, it’s hard to know what drove the cost up. But based on the cost alone, it has to include something more than broker’s fees on both ends and a moving crew. Perhaps there’s some sort of “make whole” payment to reimburse Steuert for the sale of his home in Orange County. Or maybe, he’s the one who bought Ebay (EBAY) CFO Bob Swan’s house in Plano.

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