Kidnapping, terrorizing, and assault are not in the job description for executives at large corporations. Unfortunately, these crimes are sometimes perpetrated against individuals with money and visibility. Because of this, we live in an age where corporations spend money to protect their top executives. It has become more important now than ever to ensure safety with private protection agencies.
Forbes recently announced some staggering figures. They discovered that large corporations such as Oracle and Google were paying top dollar for the protection of their executives. Oracle spent about $1.8 million in a year protecting their CEO. Google was a little thriftier, spending only about a half a million dollars. Major companies are obviously discovering that the safety and welfare of their top brass is an important part of doing business.
Some executives are in more danger than others, however. While Google CEO Eric Schmidt is worth a lot of money, other executives are the subject of more scrutiny. For instance Schering-Plough CEO Fred Hassan has received numerous threats from animal rights activists for his company's involvement in animal testing. Other executives take their business to remote locations where protection can become a necessity. When corporate leaders visit countries like Guatemala, they often hire protection to ensure safe travels.
All of the money spent on executive protection can pay for itself when it prevents just one major mishap. Attacks on executives not only cause human suffering, they also drive down stock prices and destabilize company leadership. A single kidnapping or robbery can cost up to tens of millions of dollars. This number can be inflated by court, legal, and medical costs. Spending just a fraction of this to prevent such an instance is becoming a more common choice for major industry leaders.
Many executive teams are turning to private companies to provide the protection they need. Sophisticated means are employed by these specialized teams. However, it is not uncommon for corporate leaders to travel with an executive bodyguard who can provide immediate security and assistance in dangerous times