More Chief Executives Giving Their Fortunes to Charity
April 30, 2007 | Read Time: 1 minute
As the pay of the nation’s corporate chief executives rises, more business leaders are using their wealth to create their own grant-making foundations, reports The Wall Street Journal.
Former and current leaders of AT&T, Citigroup, Coca-Cola, ConocoPhillips, and Intel have all set up foundations of their own. Terry Semel, the CEO of Yahoo, has created a $24.4-million foundation.
In addition, some chief executives ask their companies to make gifts in their name, the newspaper says. For instance, Lockheed Martin made a $1-million gift in the name of its chief executive to an organization it would not disclose, the newspaper said.
