Analysis: business executives are increasingly the targets of threats and even violence meaning corporate security is a thriving industry
One question that arose in the media following the murder of UnitedHealthCare CEO Brian Thompson in broad daylight last month was why he did not have a bodyguard or some other form of protection. The business of protecting executives has grown substantially, and it is not unusual for organisations to devote serious resources to security and protection for key executives. For example, 10 US companies spend more than $40 million per year to protect their executives and there is a growing market for bullet-proof limousines, a market that extends to Ireland.
From RTÉ Radio 1's The Business, Marion McKeone discusses reaction to the murder of healthcare executive Brian Thompson and if it will force corporate America to improve employee security
The business of providing security for politicians and celebrities has a long history, and the steps that are taken to ensure their safety can be substantial. For example, US president Franklin D. Roosevelt travelled within the country in a specially commissioned armored train car, the Ferdinand Magellan. This was the heaviest railroad car ever used in the US, so heavy that engineers often had to check bridges, intersections and tracks to determine whether they could bear the weight. This is not simply an American phenomenon: more than one million euros were spent last year securing the homes of Irish politicians and TDs and senators have received significant boosts to their security budgets.
Like politicians, celebrities often request or require bodyguards (often referred to as Close Protection Officers) and security services, both to protect them and to provide them with occasional moments of relative privacy. Protective services vary tremendously, with some celebrities living fairly normal lives, doing their own driving, shopping and interacting with the public, and others living in gated mansions, flying security drones around their properties and hiring look-alikes to foil potential kidnappers or other threats.
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From RTÉ Radio 1's Drivetime, Sinn Fein MEP and former TD Kathleen Funchion TD on growing fears over the security of politicians
Violence against corporate executives and their families is not a new phenomenon (Dutch businessman Tiede Herrema was kidnapped 50 years ago in Limerick). However, there does seem to be an uptick in threats, and consequently an increase in the intensity and expense of providing security for executives so it is worth considering why this appears to be happening.
The simplest explanation tracks Willie Sutton's famous (although disputed) explanation of why he robbed banks – because that’s where the money is. Top executives in large organisations are sometimes worth staggering sums. Elon Musk, currently the world’s richest man, is said to be worth over $340 billion;Jeff Bezos, the second wealthiest, is said to be worth $229 billion. This concentration of wealth is a relatively recent phenomenon; the average CEO compensation increased by over 1,000% between 1978 and 2023, as compared to the 24% increase for a typical worker. In 2023, CEO pay was approximately 200 times as large as the pay of average workers.
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From RTÉ Archives,Nuala Ní Dhomhnaill reports for RTÉ News on the kidnapping of Dutch industrialist Tiede Herrema in Limerick in 1975
The dazzling rewards reaped by CEOs of large corporations reflects in part the power and influence of large corporations, and there is growing resentment of these corporations, particularly in the US. One reason why the murder of Brian Thompson sparked a wave of apparent sympathy for his killer is that this corporation is widely seen as a predator in the health insurance marketplace.
This company generates over $400 billion in annual revenue, with accusations that this company denies legitimate claims to boost its profits. Among the allegations against this company is the claim that it knowingly used defective AI algorithms (with error rates as high as 90%) to deny claims to elderly patients.
In an environment where large corporations are often seen as villains and where their executives seen as out of touch oligarchs, it is no surprise that many corporations feel the need to provide security for their executives. Perhaps it is time to rein in the wealth and power of these corporate executives?
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From RTÉ Radio 1's The Business in 2019, Daniel Cluskey of Global Risk Solutions to look at the threats facing business executives in Ireland
In the 1950s, executives earned about 20 times as much as an average employee, and even in the 1980s, this ratio was generally in the range of 40 or 50 to one. These companies seemed to perform quite well, and there is little evidence that executives are 10 times as good now than they were in the 1950s.
If firms spread their rewards more broadly and treated their customers better, their executives might not feel that they had targets on their backs. Violence is never a good solution, but as long as corporations and their executives are seen by many as their enemies, executives will be targets of threats and even violence, and the business of protecting executives will continue to thrive.
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The views expressed here are those of the author and do not represent or reflect the views of RTÉ
