Was something making these two execs sick?

April 3, 2008

Most people know that the cost of health insurance here in the United States is pretty hefty: over $12,000 a year for family coverage, which is one of the reasons there’s so many uninsured people in the U.S. But judging by the proxy that Moscow-based CTC Media (CTCM) filed earlier this week, Russia beats the US when it comes to most expensive health insurance.

In the filing, the company notes that it spent nearly $54K to provide former CFO Nilesh Lakhani with health insurance and another $44K to provide former Chief Accounting Officer John Dowdy with the benefit. Both men left CTC in December, though the company initially announced Lakhani’s departure last April. In December, the company announced that 34 year-old Boris Podolsky was replacing Lakhani as CFO.

Because Russia has a national health-care system, the money had to be for some sort of additional coverage. Still, it’s hard to imagine what kind of coverage would cost that much a year. And then there’s the question of the company’s two top accounting executives stepping down. Any time two top accounting executives step down, especially for the oft-abused personal reasons or “other professional opportunities”, you have to wonder exactly what is making them sick?

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