Incoming Target Corporation CEO Brian Cornell is a man of the people.
In a move that's certain to be taken as emphatic by the 1,700 employees who recently got pink slips, Target's new leader signed off on a deal limiting his use of the company's four-aircraft fleet to $175,000 annually.
With an average operating cost for private jets approximated at $4,000 per hour, Cornell will be limited to just under 44 hours of contractually-capped travel.
In the rarified air of Target CEO travel, Cornell's agreement to a dollar cap on the use of company aircraft is actually a step down from his predecessor.
Ousted CEO Gregg Steinhafel had unlimited use of Target's fleet of planes. According to the company, Steinhafel never came close to hitting the $175,000 ceiling assumed by his replacement.
The most he accrued on Target planes was $125,000 in 2012.
Hired last summer, Cornell earns a $1.3 million base salary, but incentives could thrust his annual take to as much as $16 million.
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