Royal flush!

March 27, 2007

images-22.jpegLuxurious spa bathrooms have been popular for awhile now. But the cost of building even a small spa bathroom can run $50K or more depending on the fixtures. Good thing that American Standard (ASD) executives qualify for a discount (read: free).

In the proxy the company filed on Friday, the company disclosed (in Enron Beelzebub typeface) that former senior vice president James Dwyer, who was president of the global bath and kitchen business, had received $33K worth of product and an additional tax gross-up of $19K to cover the taxes on the product. There’s no additional details on what type of product Dwyer received.

Dwyer, a former Pepsico (PEP) executive, stepped down in September to “pursue other opportunities” according to the release the company put out at the time. He had spent two years at American Standard. In addition to the new bathroom, he also collected $1.5 million in severance.

There was another interesting disclosure in the proxy too. The company spent $186K providing Chairman and CEO Frederic Poses with “personal security measures”. Who knew that running American Standard was such a dangerous job?

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