Like most CEOs, William McComb is a jet-setter, flying 200,000 miles a year, give or take. But unlike most CEOs, he does it in the cheap seats, flying exclusively on commercial jets, and almost always in coach. “Every penny counts,” he reasons, given that his company, Liz Claiborne, has posted a loss for four straight quarters.
Given the public’s mood and the current economic conditions, other CEOs may soon have to join McComb, the Wall Street Journal reports. Twenty-eight companies have recently sold or announced plans to sell their corporate jets, which cost upwards of $2,000 an hour to operate. “I don’t hear anyone complaining,” said a spokesman for E*Trade, which is among the jet-sellers. “We’re not flying as much these days.”