““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”
Up Front: October 2012
By the time we first discussed putting Zappos CEO Tony Hsieh on the cover of this magazine, I had already been a steady customer of the company for five years and knew all about its astonishing service standards. My best experience with Zappos was when I was a new mother trying to figure out how to fit my 9-month-old for winter boots, which wasn’t easy. I made many phone calls to the company and there were several rounds of expedited free shipping (both ways) as we tried different brands. I came away a more loyal customer than ever.
Then I read Hsieh’s book, Delivering Happiness. It’s an inspiring, almost spiritual account of his journey to Zappos, which was not without its challenges. I had heard before about how at age 26 he sold his first business (LinkExchange) for $265 million, but I hadn’t known about the period of self-discovery, soul-searching and true grit that went into building Zappos (which Amazon acquired in 2009 for approximately $1.2 billion). Hseih’s success, I believe, comes from a passionate dedication to his core values and beliefs, which he has never allowed to waver no matter how many millions sit on the table.
Thank you to everyone who responded to our second annual Readers’ Choice Survey. The results provide the fullest picture yet of how and why people are using private aviation, the experiences they’ve had with it, the aircraft they prefer and more. The findings will help you understand what solutions have and haven’t worked for others–and what might pay off best for you.
As is our custom, for every completed survey we received, we are making a donation to Corporate Angel Network, a brilliant charity that annually arranges more than 3,000 free flights to treatment on business aircraft for cancer patients and their families.
To those of you who have taken the time to write to our magazine and post comments on bjtonline.com: Thank you. We love hearing from you. Your interest in Business Jet Traveler energizes us and we will continue to provide you with the best possible information to help you maximize your investment in private air travel.