CAN Celebrates 30th Anniversary of First Flight

BJT Waypoints
Corporate Angel Network's first flight,1981.
16 year old cancer patients chats with Leonard Greene prior to takeoff, December 22, 1981
Tuesday, December 20, 2011 - 1:30pm

Corporate Angel Network will mark the 30th anniversary of its first flight on December 22. The charity, which arranges free transportation to treatment for cancer patients and their families using empty seats on corporate jets, typically assists 250 to 300 patients each month and to date has flown nearly 40,000. On Dec. 22,1981, Leonard Greene--founder of SafeFlight Instrument Corporation and CAN’s cofounder--piloted the first CAN flight, which carried a 16-year-old boy from a New York treatment facility to his home in Detroit for Christmas. “This continuing service to cancer patients comes in spite of a recent downturn in business fortunes,” said Randall Greene, chairman of CAN and son of the cofounder. “It is wonderful testimony to the more than 550 corporations that offer their resources for the public good.”

 

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““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 ”

-David Yermack